Credit history only after debt recast would be taken into account for new loans. Banks will allow recast only if income impacted between February and August.
SC's direction came after the Finance Ministry agreed to waive compound interest charged on loans of up to Rs 2 crore for six-month moratorium period announced due to the pandemic.
A bench led by Justice Ashok Bhushan issued the interim order while was hearing a batch of petitions seeking waiver of interest on deferred EMIs during the moratorium period.
Experian Plc told RBI in July that HDFC Bank has been late in providing details of its loans, including repayment status of millions of retail borrowers.
The Indian govt & the RBI launched many schemes to ensure availability of credit during Covid, but financial institutions are still cautious about new lending.
The PM also exhorted bankers to support small businesses, SHGs & farmers. He said banks should identify bankable proposals and ensure they don't suffer in the name of past NPAs.
The banks received support from central government with solicitor general Tushar Mehta submitting that waiving off interest will have a 'cascading effect'.
IMF has $50 billion in flexible and rapid-disbursing emergency funds for developing nations, with as much as $10 billion available at zero interest rates.
With two hostile neighbours in the immediate vicinity and one in the greater region, it is imperative that New Delhi forge alliances that can offer some stability.
Recommendations appear in Niti Aayog’s Tax Policy Working Paper Series–II. It says there is a need to shift away from fear-based enforcement to trust-based governance.
In service with the British military since 2019, it is also known as the Martlet missile. Ukrainians have also deployed these missiles against Russian troops.
Education, reservations, govt jobs are meant to bring equality and dignity. That we are a long way from that is evident in the shoe thrown at the CJI and the suicide of Haryana IPS officer. The film Homebound has a lesson too.
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