The Supreme Court on Friday sought the RBI’s response on a plea challenging charging interest on loans, even after the central bank ordered a three month moratorium on the payment of EMIs.
The plea has termed this unconstitutional, as during the lockdown, people’s income have already shrunk and they are facing financial hardships. According to a circular, the RBI is allowing financial institutions to allow customers a moratorium on loan instalments that fall between March 1 and May 31.
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