Kovid-19 lockdown: Borrowers to get compound interest waiver for the six-month moratorium period

Published On: Thursday, October 22, 2020 | By: Team KnowMyStock

The Union Cabinet is understood to have given its go-ahead to the compound interest waiver for borrowers for the six-month moratorium period announced by the Reserve Bank, according to government sources. The government had filed an affidavit in the Supreme Court in a case concerning the moratorium, stating that it would waive interest on interest on loans up to Rs 2 crore for a select category of borrowers. The apex court has asked the government to present a clear plan on the scheme at the next hearing on November 2. The government will now inform the court about the approval from the Cabinet and subsequent directives in this regard. The Centre expects an expenditure of Rs 5,500-6,000 crore on the proposed waiver.

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