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India loan moratorium news – Supreme court tells banks

India loan moratorium news - Supreme court tells banks - next hearing on September 10

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WORLD NEWS SUPERFAST

India News – The Government of India ended the relaxation of Lomotrim to the public after 6 months after coming under the pressure of Rabi. The public opposed it. Trade is in deficit due to the epidemic. How will the public pay the loan This dispute has now reached the Supreme Court. The final decision will be taken on 10 September.

What is lonemotrim dispute?

The applications for grant of loan moratorium and interest subvention were heard in the Supreme Court. According to information received by World News Superfast, today the suprime court asked the banks – customers whose accounts were not declared non-performing assets till August 31, they should now be given protection till the case is settled. Do not take strict action against customers. The next hearing of the case will be held on 10 September.

Banks are giving consciousness of large financial losses

Solicitor General Tushar Mehta, on behalf of the government, argued, cannot waive interest, but will reduce the pressure of payment. The banking sector is the backbone of the economy. We cannot take any decision that weakens the economy. Loan moratorium means to allow customers to defer payment of loan installment for a few months. According to information received by World News Superfast, the RBI had given this facility for 3 months in March in view of the corona situation and lockdown, then extended for another 3 months to August.

Public does not have income

According to information received by World News Superfast, now that 6 months of Moratorium have been completed, customers are saying that it should be increased further. Even more important is that the interest of moratorium period should also be waived. Because, charging interest on interest would be a double whammy. The reason for this is that RBI had only allowed to postpone EMI, but the interest on the outstanding installments will have to be repaid. 

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