New Delhi: The central government had filed an affidavit in the Supreme Court several days ago for those who took advantage of the loan moratorium. It said that banks will not be charged ‘interest on interest’ on loans up to two crore rupees. In such a situation, the central government will bear its own burden. At the same time, it is coming news that those who have not availed the loan moratorium and have done the loan repayment on time, will also be compensated by the Central Government.
Benefit everyone
Yes, please tell that the central government can choose options like cashback. For this also, the limit of loan will be Rs 2 crore and it will include the loan given at individual level or to MSME only. The central government wants to ensure that everyone gets the same benefits.
A report surfaced from the sources said that if these borrowers had opted for moratorium, they would have got some benefit. The central government now wants to extend this benefit to those who have continued loan repayment on time. It would be unfair to give benefits to those who have paid their dues on time.
But no firm information has been revealed on this yet. Yes, but its blueprint is being prepared. If the Supreme Court approves the interest waiver and the figures of such borrowers come, then steps will be taken by the government in this direction.
Remind me
Let me remind you of the past that after some states had waived agricultural loans in the past, the Center and RBI (RBI) said that doing so is not going well with honest borrowers.
In such a situation, on behalf of Anil Gupta, vice president of rating agency Iqra, it has been said that the government can provide some relief to those making timely loan repayments by reducing the ‘nominal amount’ on interest. He further said that if it is assumed that even 30-40% of loans given by banks and financial institutions are eligible for this, then the burden on the government will not be more than Rs 5 to 7 thousand crores.
In this episode, the officials say that there are a large number of people who have not opted for moratorium during the entire 6 months. At the same time, there were some borrowers who took advantage of the Moratorium for a short time.
