The Supreme Court on December 8, 2020 resumed its hearing on the extension of loan moratorium case.   In view of the pandemic which has affected the finances of individuals due to business disruption, salary cuts and job loss, allowed 3-months moratorium on repayment of term loans. And this was extended by another 3-month to August 31.

Also, there was a relaxation that no account shall be declared as Non-performing assets.  Further as per the Reserve Bank of India circular, there was suggested that on the deferred EMI, interest will be levied and it is this interest implication that is being contested for in the apex court.

On the interest waiver issue, the government says that if the interest on all of the loan types is waived, it will amount to more than Rs. 6 trillion. And this shall wipe out a major portion of banks' net worth and this in the case of SBI would mean erosion of as much as half of net worth of the bank.

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