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Loan moratorium: Lenders to credit interest on interest' to borrowers by November 5, Centre tells SC
Loan moratorium: Lenders to credit interest on interest' to borrowers by November 5, Centre tells SC

The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI's loan moratorium scheme.

The Ministry of Finance has said that after crediting this amount, the lending institutions would claim reimbursement from the Central government.

In an affidavit filed in the apex court, the government has said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the 6-month loan moratorium period which was announced following the COVID-19 pandemic situation. 


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