The Supreme Court on Thursday asked the Reserve Bank of India (RBI) to ensure a 3-month loan moratorium policy during the COVID-19 lockdown period is implemented by the banks in "letter and spirit." The matter was heard by a three-judge bench comprising of Justices NV Ramana, Sanjay Kishan Kaul, and BR Gavai today.
The apex court also sought to know from Solicitor General Tushar Mehta whether or not the benefits implemented by the RBI for the lockdown period are being extended to borrowers.
The top court was hearing a batch of petitions challenging the RBI's March 27 circular on the three-month moratorium permitted for loan repayments due to the economic impact of COVID-19 pandemic. The court, however, said it was not for them to interfere as the petitioner himself was not an aggrieved party.
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