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Relief to borrowers on loans not repaid during 6-month moratorium
TIWN
TIWN
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New Delhi, Oct 24 (TIWN) After announcing a host of demand generating initiatives earlier this month, the government has now approved a new scheme for ex gratia payment to borrowers that will reimburse differential between compound and simple interests for the six-month loan moratorium period.
The Finance Ministry announced the scheme after the Supreme Court directed the Centre to implement the relief as soon as possible and ahead of upcoming Diwali.
As per the details of the scheme put out by the Department of Financial Services (DFS), the ex gratia payments will be made only to borrowers whose aggregate loan sanctions and outstanding is not more than Rs 2 crore as on February 29, 2020.
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