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Reserve Bank of India said the Supreme Court cannot extend the date of loan moratorium

The Reserve Bank of India has said in an affidavit in the Supreme Court today that we cannot extend the date of loan moratorium hum any further, this may have a bad effect on the Indian banking system and India’s economy.

Considering the effect of the corona virus, the government had provided a loan moratorium about 6 months ago. That is, if you did not repay your installment, then you could not declare a bank default. And now his period is over. A hearing was held today in the Supreme Court about this.

The Reserve Bank of India in its affidavit in the Supreme Court said that we can waive the compound interest up to Rs 2 crore. No more relief can be given now, this will not be right for the banking system. The central government insisted in the Supreme Court that the Supreme Court should not interfere in banking and financial matters. At the same time, the central government said that it would not be good for the Indian economy to provide loan moratorium facilities for more than 6 months. The government in the Supreme Court said that we have provided assistance to different regions of the country on the basis of proportion. And enough help has been given to the Indian economy. The Central Government, in the information given in the Supreme Court, said that we had formed a committee. And this committee has also considered enough to extend the dates of the moratorium. However, we will extend the date of payment of credit card bills. And no additional interest will be charged on it.

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