New Delhi: The Supreme Court has adjourned the hearing on the loan moratorium (compound interest subvention) till Tuesday evening. After the hearing began at 12 o'clock in the court, it said that it will now be heard in the evening. In the hearing, it can be decided whether the borrowers will get interest subvention on interest.
Earlier last week, the court had deferred the hearing for 8 days. In addition, the Reserve Bank of India (RBI) and the central government were asked to take their stand. The government had filed an affidavit in the matter last week. It said that it is not possible to give more relief to various sectors in the corona epidemic. The Government had asserted that courts should not interfere in fiscal policy.
The Government had told the Supreme Court that adequate relief package has been given to various sectors. It is not possible for the government to give more relief to these areas amid the corona epidemic. In an affidavit given to the Supreme Court, the government had said that any further relief, other than waiving of compound interest for loans up to two crore rupees, is detrimental to the country's economy and banking sector.
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