[BREAKING] Supreme Court orders that there shall be full waiver of interest on interest in Loan Moratorium case [READ JUDGMENT]

The Court held that any amount collected as compound interest shall be adjusted to the next installment payable instead of refunding it to the borrower.
RBI and Supreme Court
RBI and Supreme Court

The Supreme Court on Tuesday ruled that there shall be waiver of interest on interest (compound interest) with respect to EMIs which were not paid by borrowers after availing the loan moratorium scheme extended by Reserve Bank of India (RBI) during March 1 to August 31 in view of the COVID-19 pandemic (Small Scale Industrial Manufactures Association v. Union of India).

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