SC defers Call on Interest Waiver on Loans EMI

New Delhi : The Supreme Court on Wednesday pulled up the Union Government over the issue of interest waiver on loan EMI deferred due to the Covid-19 pandemic lockdown. The SC directed the government and Reserve Bankl of India (RBI) to review the matter ,saying the issue cannot be left between borrowers and lenders. “If the Centre announced a moratorium , it must ensure the benefits are given to customers purposefully’ said the Supreme Court bench , comprising Justice Ashok Bhusan , Sanjay Kishan Kaul and MR Shah.

The honorable Supreme court today deferred the consideration on Interest Waiver on interest charge for EMIs during the 6 months moratorium till August first week.

The Supreme Court of India said the customers have not availed of the moratorium knowing that they will not get any benefits out of it. The government took time to find the way out but “nothing has happened “, the bench said.

“The Central and RBI will review the matter … Indian Banks Association to see if new guidelines can be brought in force of moratorium issue” said the SC , which will next hear the case in the first week of August.

(With inputs of NDTV)

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