(Deepshikha Gautam, Intern Journalist) New Delhi: Supreme Court held a hearing on Wednesday on the interest during the installment moratorium period. The court said that charging interest on interests is a double whammy for the borrowers.
They cannot be punished by doing so. A bench headed by Justice Ashok Bhushan is hearing the issue. The petitioner said that banks are recovering interest by considering the borrowers as the defaulter while it does not default on the part of the borrower. All sectors have sat down but Reserve Bank wants the bank to make the profit during covid-19, like never before. On Tuesday the government had indicated in the court that the exception period for nonpayment of loan could be extended by two years. The hearing of the case continues on Thursday.
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