The government and apex bank told Supreme Court that the moratorium granted on loans up to August 31, 2020 on loan repayment is 'extendable' by 2 years tenure amid the novel coronavirus pandemic.
Moratorium On Loan Repayment Extendable By 2 Years: Centre, RBI Told SC
On behalf of the government and the apex bank solicitor general Tushar Mehta told a bench led by Justice Ashok Bhushan that various measures have been taken for the ailing sectors and for the quarter ended June of FY21 the economy contracted by a steep 23 percent.
The hearing on plea concerning the issue of interest being charged on EMI installments which have been deferred as part of the RBI's moratorium relief will occur tomorrow. Earlier, the Supreme Court asked the government and RBI to re-assess levy of interest on EMIs deferred during moratorium.
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