It is not only the amount which matters, what is more, but important is also credit culture. Interest is an integral part of the banking system, banks are financial intermediaries. Banks are middlemen between depositors and borrowers, integrity has to be maintained. Given the current economy and state of affairs health of the banking system is no 1 priority. Such a waiver will create a huge cash flow crisis for banks among other things, says Sunil Mehta, IBA.
No banking system anywhere in the world can exist with interest waiver. Not like agriculture etc where one can consider a waiver. Complete waiver in this scenario is impossible, restructuring a possibility. Look what is happening with NBFC, one can make the case of waiver there also; unfortunately not feasible, says RK Bansal, Former Executive Director, IDBI Bank. Watch the discussion on interest on the moratorium.
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