New Delhi: The apex court against the additional interest charged by banks for this adjustment from customers in the declaration of Moratorium period of 3 months on EMI of loan by RBI (RBI) due to the lockdown issued nationwide due to coronavirus.

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Senior advocate Amit Sahni has filed a public interest litigation in the Supreme Court, demanding that the court issue appropriate orders that banks and financial institutions in the larger public interest should not charge additional interest from their customers for at least the moratorium period. Due to the lockdown, the Reserve Bank on March 27 announced a moratorium period for three months on EMI. In the moratorium period, customers can stop the EMI of their loan for 3 months (March-April-May). However, on taking advantage of the moratorium facility, they will have to pay additional interest on the loan.

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Amit Sahni in his PIL has said that Moratorium legally allows the debtor to suspend payment. It has been said from their side that due to the lockdown people are facing very difficult problems. Business and operations have stopped and the entire market has come to a standstill. When the entire country is affected by a health emergency, financial institutions cannot be allowed to make a profit.

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