SC hearing on Moratorium case today

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On 3rd September the Supreme Court said that banks must not declare accounts as non-performing assets (NPA’s) for a period of two months and must not take coercive action borrowers. Now Supreme Court will be hearing a batch of petitions who are seeking interest waiver during the loan moratorium case.

A bench led by Justice Ashok Bhushan is hearing pleas seeking extension of the loan moratorium and waiver of accuring interest.

The RBI had announced in March a moratorium on repayment of term deposits for three months, which was extended till 31st August. RBI sought this move as a relief to borrowers because of the COVID-19 pandemic.

The Supreme Court will today resume hearing on two petitions seeking an extension of the moratorium period on repayment of loans and to waive off the interest on interest on loans due to the COVID-19 pandemic.

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