In a great relief to borrowers this holiday season, the Finance Ministry issued guidelines to implement an ‘interest on interest’ exemption for six months. “The Government of India has announced the Program for the granting of ex gratia payment of the difference between compound interest and simple interest for six …
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In a relief for borrowers amid the holiday season, the government has announced an interest waiver on interest on loans until ₹2 million rupees regardless of whether or not the moratorium was applied. According to estimates, the measure is likely to cost the government ₹6,500 crore. According to the guidelines, …
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In the wake of the coronavirus pandemic in the country, the Reserve Bank of India announced in March a moratorium on repayment for three months. Subsequently, the central bank extended the moratorium period until August 31. Later, a borrower from Agra filed a petition in the Supreme Court not to …
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