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A panel headed by Ex CAG Rajiv Maharshi was constituted after the Supreme Court directed the Central Government to help the borrowers
The central government has given a big relief to borrowers.  The government has filed an affidavit in the Supreme Court saying that compound interest applicable on MSME loans, educational, home, consumer, auto, credit card arrears, processing and consumption loans will be waived.  According to the government affidavit, interest on loans up to Rs 2 crore will be waived during the 6-month loan moratorium period.  The Center said the only solution was for the government to bear the brunt of the interest rebate in the event of a Corona virus epidemic.  At the same time, the central government said that parliamentary approval would be sought for this

The attitude of not waiving interest has changed following the recommendations of the Centre's panel.  A panel headed by Ex CAG Rajiv Maharshi was constituted after the Supreme Court directed the Central Government to help the borrowers.  The central government had earlier told the court that it could not waive interest and this would affect the banks.  The next hearing in the case will now be on October 5

In an earlier hearing, the apex court had told the Center that it had taken some concrete plans for different sectors and expressed displeasure over the court's repeated avoidance of the case.  The court had asked the NPA loan defaulters to continue the interim order not to declare NPA till August 31.  A three-judge bench comprising Justices Ashok Bhushan, R Subhash Reddy and MR Shah is hearing the case by video conference


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