SC asks RBI to examine if banks are passing loan moratorium benefits - watsupptoday.com
SC asks RBI to examine if banks are passing loan moratorium benefits
Posted 30 Apr 2020 12:22 PM

Source : India Today

The Supreme Court (SC) on Thursday asked Reserve Bank of India (RBI) to examine if banks are indeed passing on benefits of the three-month moratorium on fixed-term loans and EMIs to customers.

SC’s direction to the central bank comes after a plea pertaining to RBI’s notification from March 27 on a three-month loan moratorium.

The top court said, “It appears that whatever the benefit announced by RBI, it’s not being extended to the borrowers by banks.”

“There should be proper guidelines,” the court added.

While the court said this is not a PIL issue, it asked RBI to examine whether its policy is being implemented by the banking sector in view of issues raised in by the petitioner.

On March 27, RBI Governor Shaktikanta Das had announced a three-month moratorium on fixed-term loans and EMIs for customers in the wake of rising economic burden due to Covid-19.

However, there have been some reports and complaints which suggested that not all customers are benefitting from the moratorium.

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