The Supreme Court on Wednesday took note of the Centre's alleged inaction and asked it to clarify its stand within a week on the waiver of interest on interest for deferred payments of installments for loans during the moratorium period announced due to the coronavirus lockdown.
Earlier in March, the RBI had allowed a three-month moratorium on payment of all term loans due between March 1 and May 31. On May 22, the central bank extended it till August 31, providing relief to borrowers amid the complete lockdown.
HDFC Bank announced that it has extended the loan moratorium and credit card outstanding moratorium by another 3-months for its customers to help them sail through the disruption caused by coronavirus pandemic. The Reserve Bank of India last week had extended the moratorium on loan repayments by three more months, till August 31.
The Supreme Court Friday issued notices to the Centre and the RBI on a plea of CREDAI on whether real estate firms are eligible for loan moratorium policy of the central bank.
Suggestions from various quarters, including from Indian Banks' Association, have come for the further extension of moratorium and the RBI is actively considering them, according to sources.
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 Reserve Bank of India''s directive asking banks to make 10 per cent provisions on all moratorium loans will shave at least Rs 35,000 crore off their profitability in financial years 2019-20 and 2020-21, according to a report.
Several banks have cautioned their customers against possible attempts by fraudsters as they became active to exploit the three-month loan repayment moratorium offer in the wake of the coronavirus outbreak, officials said on Friday.
Banks like SBI, PNB, BOB, IDBI, Canara Bank, UCO bank, Syndicate Bank, Punjab & Sind Bank, Andhra Bank, Central Bank of India, HDFC Bank, ICICI bank…and many more tweeted about the details that the customer can follow by mentioning the in and out option. Some gave an email id as well where they have asked their customers to email the details of their installment/Loan account to the bank if they want to go for 3 months moratorium.
RBI on Friday said that all commercial banks, co-operative banks, all-India financial institutions, and NBFCs are being permitted to allow a moratorium of three months on payment of installments in respect of all term loans outstanding as on March 1, 2020. But, is credit cards outstanding covered under RBI's 3-month moratorium?
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