Banks to be guided by scheme to pay difference between compound and simple interest: RBI to Supreme Court

In view of COVID-19, the Central Government has approved a “Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.”
Banks to be guided by scheme to pay difference between compound and simple interest: RBI to Supreme Court
RBI Supreme Court

The Reserve Bank of India (RBI) has informed the Supreme Court on Sunday that it has asked all banks to be guided by an October 23 "Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.” (Gajendra Sharma vs UOI)

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