The Reserve Bank of India (RBI) said in the Supreme Court that instructions have been given to all financial institutions, including banks, in this regard, to provide moratorium relief to borrowers within time.
By filing an affidavit in the Supreme Court, RBI said that all banks and non-banking financial companies have been instructed to put the amount of the moratorium in the accounts of the borrowers by November 5. In the situation arising out of the Corona crisis, the Moratorium facility was provided to the borrowers till 31 August.
At the end of its term, the lenders took interest on the interest charged by the banks. Had moved the Supreme Court. In this case, the court asked the Center to resolve it. On 23 October, the Center took a major step in this direction and announced to waive the interest amount on interest in the case of loans up to Rs 2 crore.
It was said to repay this amount taken by the banks back to the loan holders. The time has been fixed till November 5 for the execution of the same.