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The Supreme Court’s judgment in ‘interest on interest’ waiver case has extended the relief of waiver to loans even above Rs 20 million.
Taking into effect, Reserve Bank of India has issued a notification stating –
1. reliefs shall be applicable to all borrowers (including working capital facilities), irrespective of whether moratorium had been availed or not;
2. all lending institutions shall immediately put in place a board approved policy to refund/adjust interest on interest charged during the moratorium period;
3. methodology for the calculation of amount to be refunded/adjusted for different facilities shall be finalised by the Indian Banks Association.
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