"Crores have been defaulted on NPA accounts but you have to charge interest", SC asks Centre and RBI to review interest on loan moratorium

"Crores have been defaulted on NPA accounts but you have to charge interest", SC asks Centre and RBI to review interest on loan moratorium
RBI

The Supreme Court today asked the Central government and the Reserve Bank of India (RBI) to review the move to charge interest during the moratorium period on loan repayment introduced in light of the COVID-19 pandemic.

The Indian Banks Association (IBA) was asked to look into the possibility of evolving new guidelines to address the issue.

The Court will hear the matter next in the first week of August. (Gajendra Sharma vs Union of India)

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