The demand of not taking interest on EMI deferred during the Moratorium period in the middle of Covid-19 epidemic in India will be heard in the Supreme Court today. On June 17, the Supreme Court deferred hearing on this case for two months. The court had said that the government and the Reserve Bank should review this and see how the people can be given relief.
During the last hearing, the Supreme Court had said that the government cannot quash it by calling it an issue between the bank and the customers. The Supreme Court also said that banks put thousands of crores of rupees into NPA. But want to take a loan on EMI.
On this, senior advocate Harish Salve, appearing for the banks, had told, "Banks are paying compound interest on the deposits of their customers even during this period. If they did not take a loan it would have a very bad effect." Advocate Mukul Rohatgi, appearing on behalf of the banks, said, "It was never said that the facility to defer payment of EMI is being given free of cost. People knew that interest would be charged on this amount. Therefore, 90 percent people did not take this facility. Not taking an interest will be a big loss for banks." Solicitor General Tushar Mehta, presented by the Central Government, suggested making separate arrangements for big loans and small loans. The court was not convinced of this. The judge had said that the role of the government should not be limited to the declaration of the Moratorium.
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