NEW DELHI: The Supreme Court on Tuesday issued notice to the Reserve Bank of India and the Centre on a plea seeking interest waiver on the moratorium on term loans given by banks amid the nationwide lockdown due to the covid-19 outbreak.
The apex court bench, comprising Justices Ashok Bhushan, SK Kaul and MR Shah, ordered RBI to file response within a week. The case is likely to be listed next week.
The RBI had on 22 May extended moratorium on term loans till 31 August. In March, the central bank had allowed a three-month moratorium on payment of all term loans due between 1 March and 31 May.
Senior advocate Rajiv Dutta, appearing for the petitioner, urged the court to direct banks not to add interest during the extended moratorium period.