New Delhi: The hearing of the loan moratorium in Supreme court has been postponed. The hearing could not be held today due to Solicitor General Tushar Mehta being busy in the second case. Now the matter will be heard on November 5. Today, the Reserve Bank of India (RBI) has told the court that it has ordered all banks not to take compound interest on loans up to 2 crore.

Along with this, he has also been asked to refund the excess interest charged for the 6 months moratorium period. The court has to consider the relief given to the common people as well as relief to various industrial areas. It is noteworthy that after a long hearing in the Supreme Court on the loan moratorium case, the central government had said that the interest charged above the interest would be paid to give relief to the customers, after which the top court has given instruction to start implementing it at the earliest. 

What is a lone moratorium?
Moratorium means if you are paying for something then it will be withheld for a certain period. Suppose if you have taken a loan, you can stop its installment (EMI) for a few months. Yes, but this does not mean that your installment has been forgiven.

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