Covid-19: SC to hear fresh petition for extension of loan moratorium

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The Reserve Bank of India notified that it will not extend the moratorium on loan repayments that is about to end on 31 August.

As a recovery time for loan borrowers hit by pandemic-imposed lockdown, RBI announced loan moratorium of 6 months for the EMI since March 1st. In March, RBI introduced the moratorium to enable viability of businesses effected by covid pandemic. Reports suggest that bankers also raised their concern on extending moratorium beyond the given deadline.

However on the other hand, yesterday Supreme court decided to consider a fresh plea urging the extension of moratorium till December last so as to facilitate the deferred payments of instalments of loan take by borrowers.

A bench headed by Justice Ashok Bhushan and R Subash reddy in a hearing held via video conference ordered consideration of a fresh petition registered by lawyer Vishal Tiwari along with the old one. The lawyer appealed the justices that the worst impact on economy is still waxing and waning and hence opined to extend it further till the year end. SC ordered center to reply within a week on the issue of interest being charged by banks that were deferred as part of the RBI scheme in view of pandemic situation.

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