New Delhi: The top court will hear the various petitions filed on the demand of waiving interest on the interest of moratorium period. Many petitioners have filed a petition in the Supreme Court challenging the recovery of interest on the interest of moratorium period. The court is hearing

In this case, the Finance Ministry and Reserve Bank of India (RBI) have already filed an affidavit to the apex court that the government has planned not to collect interest on the interest of the moratorium period and from the borrowers up to 2 crore for the moratorium period. Interest will not be charged on interest. It was told that the difference between compound interest and simple interest on loans up to 2 crores will be returned to the borrowers account by November 5.

Let us tell you that many people lost their jobs in the lockdown implemented due to Corona. In such a situation it was difficult to repay the loan installments. In such a situation, the Reserve Bank of India gave loan moratorium facility. That is, the installments on the loan were postponed. If you do not pay the installment by taking the benefit of moratorium on a loan, then the interest for that period will be added to the principal. That is, interest will be charged on principal + interest The issue of interest on this interest is in the Supreme Court.

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