Business News
Home > Business News
Relief to borrowers on loans not repaid during 6-month moratorium
TIWN
TIWN
PHOTO : TIWN
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.
Add your Comment
Comments (0)
More Business News
- GST Council Meeting Today!! Swiggy, Zomato Delivery Charges May Become Cheaper
- 18% GST on Services Provided by Finance Companies to Banks
- India’s Diesel Exports Hit One-Year High in September
- RBI Raises Interest Rate After Nearly Four Years, Loans Could Become Costlier
- Gold Gets Costlier, Silver Demand Rises in this Festiva Season : Report
Special Articles
Sanjay Majumder
Anirban Mitra