Centre tells SC, loan moratorium under RBI circular could be ‘extended for two years’

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Centre tells SC, loan moratorium under RBI circular could be 'extended for two years'
Centre tells SC, loan moratorium under RBI circular could be 'extended for two years'

Centre tells SC, loan moratorium under RBI circular could be ‘extended for two years’

Loan Moratorium: Tushar Mehta has sought more time from the court in the interest on interest case. Mehta said that a meeting between the officers, bank associations and RBI of the Centre can be resolved.

A petition filed in the Loan Moratorium case due to coronavirus epidemic was heard in the Supreme Court on Tuesday. The centre said in the Supreme Court that the loan period could be extended by two years. Through Solicitor General Tushar Mehta, the Centre and RBI informed the court that the grace period for repayment of loans could extend by up to 2 years. We are in the process of identifying the affected areas, which can reap different benefits according to the impact of the damage caused by the epidemic, “Tushar Mehta said.

Tushar Mehta has sought more time from the court in the case of interest on interest on loans. Mehta said that a meeting between the officers, bank associations and RBI of the Centre can be resolved. The apex court said, the court has already deferred the hearing three times in the case. The court once again said that the government will have to remain fair in the matter – Tushar said the government has also filed an affidavit. There will be a hearing on Wednesday.

The supreme court today heard a petition seeking extension of the loan moratorium period. Petitioner has asked sc to extend the grace period upto 31st December 2020. The petition seeks exemption from lawyers, transport sector, tourist guides, travel agencies and their drivers to other sectors.

The petition said that most of the population themselves are job-seekers, especially those in the service sector, who have suffered huge losses due to corona lock down. The petition said the situation is so bad that the company is now taking up the law for recovery. Recently, a terrible incident took place in Agra, with finance company employees allegedly taking possession of a bus full of passengers for non-payment of loans taken by the vehicle owner in Agra, Uttar Pradesh.

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