New Delhi: The Central Government has filed a new affidavit in the top court in the case of Loan Moratorium in the crisis of Corona epidemic. In the affidavit filed by the Center, it is said that apart from waiving compound interest (interest on interest) for loans up to 2 crore, it can be harmful for the national economy and banking sector.

In the affidavit filed in the Supreme Court by the government, it has been said that 'Relief has already been announced through financial packages, it is not possible to add more exemption to that package'. The court was also told by the central government that the modalities for waiving compound interest for loans up to 2 crore will be released after the Cabinet approval.

The central government's affidavit states that banks will have to implement the compound interest waiver scheme within one month from the date of notification. In the affidavit, the court was told that keeping in view the serious economic and economic stress, decisions have been taken by the government and the Reserve Bank of India (RBI).

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