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RBI CIRCULAR ON MORATORIUM ON LOAN REPAYMENT:
Supreme Court Bench headed by Justice Ashok Bhushan will shortly commence hearing petitions which challenged the interest component of the moratorium circular.
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Supreme Court Bench headed by Justice Ashok Bhushan will shortly commence hearing petitions which challenged the interest component of the moratorium circular.
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Centre in its affidavit has said that the various relief measures taken by the government along with the circulars of the @RBI, particularly the August 6 circular, adequately address the grievances regarding moratorium and interest. https://www.barandbench.com/news/litigation/loan-moratorium-extendable-two-years-rbi-circular-covid-19-centre-supreme-court
Senior Advocate Rajiv Dutta for the petitioner begins making submissions.
He is taking the Court through the August 6 circular of RBI's COVID-19 regulatory framework.
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He is taking the Court through the August 6 circular of RBI's COVID-19 regulatory framework.
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Dutta explains how the interest on loan availed would continue to accrue during the moratorium and get added to the principal amount.
#SupremeCourt @RBI #loanmoratorium
#SupremeCourt @RBI #loanmoratorium
Dutta: The question that arises for consideration is... the public at large is going through a hell of a time I will not go into all that... They came up with a scheme to help us but this is a double whammy for us since they will charge us with compounded interest.
Dutta: By charging interest on interest, these Banks are treating this as default, this is not default on my part. Instead of giving respite the banks are encashing on this.
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#SupremeCourt @RBI
Dutta: Since this is not default on my part, they cannot charge me as though I'm in default.
Dutta: This is not revenue for the Banks so they cannot say that they will incur losses.
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#SupremeCourt @RBI
Dutta: The whole country is gone under, all the sectors have gone under and they ( @RBI) want Banks to make profits! RBI is only a regulator and are not agents of the Bank as they are treating themselves and it seems that the Banks are hiding behind the RBI.
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#SupremeCourt
Dutta: Now the government is saying that there cannot be a "one size fits all" solution so they want to provide restructuring... But don't penalise me! Don't penalise your citizens.
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#SupremeCourt @RBI
Dutta: Government has given enough padding to the Banks during this time and period.
Dutta taking the Court through the reply that was filed by the RBI in the case in June.
#SupremeCourt @RBI https://www.barandbench.com/news/litigation/not-appropriate-to-go-for-forced-waiver-of-interest-risking-financial-viability-of-banks-rbi-tells-supreme-court-on-moratorium-issue
Dutta taking the Court through the reply that was filed by the RBI in the case in June.
#SupremeCourt @RBI https://www.barandbench.com/news/litigation/not-appropriate-to-go-for-forced-waiver-of-interest-risking-financial-viability-of-banks-rbi-tells-supreme-court-on-moratorium-issue
Dutta: Now the government is also backing RBI and the crux of the Centre's reply is that there cannot be a "one size fits all" approach.
Dutta is now taking the Court through Centre's affidavit which was filed yesterday.
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Dutta is now taking the Court through Centre's affidavit which was filed yesterday.
#SupremeCourt @RBI
