SUPREME GRANTS RELIEF TO BORROWERS, EXTENDS LOAN MORATORIUM PERIOD TILL SEPTEMBER 28

The Supreme Court today again granted relief to borrowers across the country against the backdrop of increasing contagion of corona in the country. The account of any borrower should not be treated as a defaulted account until further orders. An earlier interim order was granted by the court today.

During the lockdown imposed by the Corona, the government had offered borrowers an extension to pay its installments; The issue of interest charged on it is currently the subject of controversy. The court issued the order after the Central Government decided to set up a committee of experts on the issue.

The apex court has given the Center and the Reserve Bank of India two weeks to make their case. Justice Ashok Bhushan, Justice. R. Subhash Reddy and Justice. M. R. Shah’s bench, after hearing arguments from both sides, has decided to adjourn the hearing till September 28. The court also said that both the government and the RBI should jointly consider all the factors involved in the case.

“We are giving this last chance to both the parties, after which we will not adjourn the matter,” the bench said. Many have objected to the interest charged by banks and many petitions have been filed challenging it.

Reported By : Sahil Gosavi

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