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Loan moratorium case: Waiver of complete interest not possible, says Supreme Court

-The Indian Express The apex court refused to interfere with the Centre's and Reserve Bank of India (RBI's) decision to not extend the loan moratorium beyond August 31 last year, saying it is a policy decision. Refusing to interfere with the government and RBI’s decision to not extend the loan moratorium period beyond Aug 31, the Supreme Court on Tuesday said it cannot do a judicial review of Centre’s financial policy decision...

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EMI crisis creeping up on borrowers -Shayan Ghosh

-Livemint.com * The spike in auto-debit failures suggest that the pain may have only just begun for India’s small borrowers * With mandatory EMI repayments kicking in since September, many feel the available recast options and a waiver of compound interest are not sufficient. India may be staring at a loan crisis MUMBAI: For someone who had never defaulted on any loans before March this year, Monica Keerthi Karri gets quite harried at...

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Has personal loans seen a rebound ahead of the festive season? The answer is in the negative

Just before Dhanteras and Diwali this year, the Reserve Bank of India (RBI) released the November edition of its monthly bulletin. The latest RBI Monthly Bulletin says that the GDP has contracted by -8.6 percent in the second quarter of fiscal year 2020-21 (i.e. July-September, 2020) as compared to the gross domestic product (GDP) during the corresponding period last year. It may be noted that India’s GDP shrunk by -23.9...

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Loan interest waiver to be credited by November 5

-The Hindu Scheme will be implemented even for borrowers who did not avail moratorium. Three weeks after informing the Supreme Court that the Centre would bear the additional compound interest on loans of up to ₹2 crore availed by retail borrowers as well as micro, small and medium enterprises (MSMEs), the government formally communicated the modalities of the scheme to lenders on Friday. Banks and other lenders, including co-operative banks and non-banking finance...

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RBI may not extend moratorium on repayment of loans beyond Aug 31: Report

-Business Standard The six-month moratorium period comes to an end on August 31 The Reserve Bank is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behaviour of borrowers without resolving the issues being faced by them following the outbreak of the Covid-19, sources said. The RBI had announced a moratorium on repayment of debt for six months beginning March 1, 2020...

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