New Delhi: The apex court will resume its hearing today on the loan moratorium granted by banks during the countrywide lockdown. The Supreme Court will today hear about the charging of interest on the part of banks during the moratorium. In last week's hearing, the apex court had ordered no NPA to be declared by any account till the case was over.
However, the court's order was not final but interim. Today's hearing in the court may be final, as only the government today has to take its stand, then the court may keep its order safe. The apex court also asked the Reserve Bank to respond to the charging of interest on compound interest and imposition of penal interest during the moratorium. Arguments have been placed on behalf of various sectors in the apex court. The government will file its reply today. The government may also refer to the Kamat report that came a few days ago in its reply. Kamat's report talks about loan restructuring of 26 sectors.
The government had said in the Supreme Court that the moratorium in repayment could extend the moratorium by 2 years. If the court assumes the center's proposal, borrowers may be relieved to pay the loan for at least 2 years, but the Supreme Court will decide on what conditions it may be. The term of the government-granted moratorium has expired on August 31. After that, the Reserve Bank of India has now talked about one-time restructuring of the loan.
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