Finance

The apex court said that a complete waiver of interest during the loan moratorium cannot be granted.

According to Livemint, the Supreme Court said on Tuesday, March 23, that no guidance can be provided to the Centre or the Reserve Bank of India (RBI) to announce specific financial packages or relief, and that a full waiver of interest during the moratorium period cannot be granted. However, the Supreme Court stated that no interest on interest or compound interest will be paid to any borrower during the six-month loan moratorium period and that the moratorium period will not be extended. Justice MR Shah, said, “We have considered reliefs independently. Waiver of complete interest is not possible as banks have to pay interest to account holders and pensioners.”

Source: The Quint

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