New Delhi: Banks have started refunding the amount of interest charged on interest in the accounts of the borrowers during the ban on loan withdrawal. After implementing the scheme, a message was sent to the customer from a public sector bank that "Dear customer covid-19 relief grant amount has been deposited in your account on November 3".

It is noteworthy that the Reserve Bank of India (RBI) last week had asked all banks, non-banking financial companies and lending institutions to ensure that during the six-month moratorium period on loans up to two crore rupees. The waiver scheme for compounding interest should be implemented by November 5. The Finance Ministry has given answers to the questions arising in the minds of ordinary people regarding this scheme. The ministry has said that consumers who borrow against pledging of gold are also eligible for exemption from interest on interest under the scheme.

The Ministry has also clarified that personal loans taken by the lending institution under the eight eligible categories of borrowers, including loans classified as micro, small and medium enterprises (MSME), will also be eligible for concession under this waiver scheme. Regardless of the type of guarantee for these loans, their eligibility will not be affected.

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