The Supreme Court is going to hear the Interest Waiver of Morarotoium day. This is keenly awaited after the Apex Court had ordered that banks not recognized bad loans until further notice.
Is the Apex Court going to allow interest waiver?
What is this going to mean for the health of the banks?
ET Now's Abhimanyu Sharma reports, the top court will continue hearing on a batch of a petition seeking a waiver of interest on loans during the moratorium period which has already ended on 31st August. The top court has analyzed whether the Union government can help borrowers under the disaster management act. The last week top court has asked to declare accounts as NPAs till further orders while centre and RBI have asked to decide on relief on borrowers. The court has observed that any relief for borrowers can not be left to banks and sector-wise effect of COVID pandemic needs to be seen in order to ensure that customised relief was given to various sectors. Centre and RBI have opposed any waiver of interest on loans during the moratorium. They had stated that fears over mass NPAs if the loan moratorium is not extended were misplaced since accounts need a minimum of 90 days default while the court has asked centre and RBI to be more empathetic to the concerns raised by borrowers.
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