The plea has alleged that the RBI circular is an 'eyewash as it provides that the interest shall be chargeable during the moratorium period and it makes no sense in paying additional interest along with the regular EMIs' New Delhi: A petition was filed in the Supreme Court on Saturday seeking direction on setting aside the RBI's March 27 circular on three-month moratorium on loan repayment between March 1 and May 31 amid coronavirus pandemic.
The Reserve Bank of India (RBI) had issued the circular giving liberty to all banks and financial institution to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, subject to the borrower making such a request.