Supreme Court extends loan moratorium till September 28

New Delhi: The Supreme Court on Thursday gives the extension on the loan Moratorium till September 28, 2020, and instructed the bank officials to not charge any of the customers in any bank. The loan procedure will continue as per earlier the loan Moratorium was going. 

The Centre also regulates and directs the Reserve Bank of India and bans to work together in this matter and file a concrete reply on this extension decision. 

The bench was headed by Justices Ashok Bhushan and comprising R Subhash Reddy and MR Shah and passed the order seeking the waiver of interest, or waiver of interest on interest should be suspended on the EMIs, which some private sectors are charging in this current pandemic where some people are jobless. 

The decision is taken on the concern raised by senior advocate Harish Salve for Indian Banking Association (IBA). Further, the court will hear again on this case on September, 28. 2020. The issues concerned on the basis of retail estates and borrowers who are not able to repay the debts, in opposition, there are Salve and Mehta who said, “Please don't pass any orders on downgrading today because this is based on many factors. Companies will suffer."