The Supreme Court bench has adjourned the case hearing to November 5 to accommodate the Solicitor General Tushar Mehta who is unavailable as he has to appear in the pleas challenging the construction of the new Grand Vista in Delhi. The Reserve Bank of India (RBI) had granted borrowers a six-month loan moratorium, letting them defer payments on loans and easy monthly installments (EMIs) during the COVID-19 pandemic.
The central government has agreed to waive compound interest on medium, small and micro enterprises’ (MSME) loans and some individual loans of up to Rs 2 crore. The RBI filed an affidavit in the Supreme Court (SC) stating that banks and non-banking finance companies (NBFCs) have to repay the ‘interest on interest’ amount collected on loans up to Rs 2 crore during the loan moratorium period by November 5. ( Money Control )
