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Moratorium period on loan repayment extendable by two years due to COVID-19: Centre, RBI tell SC – Business News , Firstpost


The apex court docket had earlier requested the Centre and the RBI to overview the transfer to cost curiosity on deferred EMIs in the course of the moratorium period

New Delhi: The Centre and Reserve Bank of India (RBI) on Tuesday instructed the Supreme Court that the moratorium period on repayment of loans amid the COVID-19 pandemic is “extendable” by two years.

Solicitor General Tushar Mehta, showing for the Centre and the Reserve Bank of India (RBI), instructed a bench headed by Justice Ashok Bhushan that a number of steps have been taken for pressured sectors and the financial system has contracted by 23 p.c due to the pandemic.

The bench mentioned that it will hear on Wednesday the pleas which have raised the difficulty of curiosity being charged on instalments which have been deferred beneath the central financial institution’s scheme in the course of the moratorium period amid the COVID-19 lockdown.

The apex court docket had earlier requested the Centre and the RBI to overview the transfer to cost curiosity on deferred EMIs in the course of the moratorium period.

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