Union Cabinet Approves Ex-Gratia Payment of ‘Interest on Interest’

Union Cabinet permitted about Rs 1,000 crore for State Bank of India (SBI) for waiver of “interest on interest”, sources mentioned. Earlier, the finance ministry requested banks to share particulars of their board-approved coverage on refund or adjustment of curiosity on curiosity charged to debtors throughout March to August 2020.

The Reserve Bank of India had introduced a mortgage moratorium scheme within the wake of Covid-19 pandemic. Loan moratorium was provided to grant non permanent reduction to debtors amid pandemic.

To be Continued…

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One thought on “Union Cabinet Approves Ex-Gratia Payment of ‘Interest on Interest’

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