Consider waiving curiosity on curiosity: SC

New Delhi, September 10

The Supreme Court immediately gave two weeks to the Centre, RBI and banks to place their heads collectively and chalk out sector-specific schemes with regard to mortgage restructuring, charging of curiosity on curiosity and associated points.

A Bench led by Justice Ashok Bhushan, which had earlier directed that accounts not declared NPA until August 31 shall to not be declared NPA until additional orders, wished the Centre to think about not charging curiosity on curiosity on deferred EMIs through the moratorium. “On the interest issue, we are yet to take a decision. But on the aspect of interest on interest, we are inclined to pass an order that it may not be debited,” the Bench stated, however selected to not problem such a course.

For aid throughout moratorium

  • The SC has requested the Centre, RBI and banks to answer in two weeks
  • The RBI and Centre stated an entire curiosity waiver was not potential
  • They stated banks would undergo losses as they needed to pay curiosity to depositors

The Bench, nevertheless, made it clear that its interim order with regard to NPAs shall proceed. It additionally wished the Centre and the RBI to position on document all selections taken by them on this.

The prime court docket posted the matter for additional listening to on September 28 after Solicitor General Tushar Mehta stated an knowledgeable committee had been set as much as take selections on the problem of moratorium extension, curiosity on curiosity throughout moratorium and different associated points. — TNS

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