Banks Started Adding Money To Customers Accounts
Banks started adding money to accounts, many customers received messages: Interest-on-Interest-Exemption Scheme.
Banks have started returning the amount of interest charged on the interest in the accounts of the borrowers during the period of moratorium on repayment of loan.
The Reserve Bank last week asked all lending institutions, including banks, non-banking financial companies, to ensure that the loan waiver scheme for loans up to two crore rupees is withdrawn from interest on interest taken during the five-month plan.
Should be implemented by November. After implementing the scheme, a message was sent to the customer from a public sector bank, “Dear customer Covid-19 relief grant amount has been deposited in your account on November 3.”
The Finance Ministry has released the answers to the questions arising in the minds of common people regarding this scheme.
The ministry on Wednesday said that consumer loans taken against gold are also eligible for exemption from interest on interest under the scheme.
The Ministry has also clarified that personal loans taken by the lending institution under the eight eligible categories of borrowers, including loans classified as micro, small and medium enterprises (MSME), will also be eligible for exemption under this waiver scheme.
Regardless of the type of guarantee for these loans, their eligibility will not be affected. This second set of answers to common questions has been released by the Finance Ministry within a few days.
The ministry has clarified things before the last day of implementation of the plan. The government announced the scheme only last month following an order from the Supreme Court.
The government announced the return of the difference between compound interest and general interest to the debt accounts as a grace grant payment scheme over a period of six months.
Housing loans, education loans, credit card dues, auto loans, MSME loans, loans for durable consumer goods and consumption loans have been kept under the scheme.
The debt installment (loan moratorium) case will be heard in the Supreme Court today during the Corona epidemic. The hearing was deferred till November 5.
The Supreme Court deferred hearing of the Lone Moratorium case till 5 November at the request of the Central Government, as Solicitor General Tushar Mehta was busy hearing the case challenging the Central Vista project.
Many petitioners have filed a petition in the Supreme Court challenging the recovery of interest on the interest of the moratorium period. The court is hearing.
In this case, the Finance Ministry and the Reserve Bank of India have already filed an affidavit to the Supreme Court .
The government has prepared a plan to not recover interest on the interest of moratorium period and interest of moratorium period from the borrowers up to 2 crores. No interest will be charged.
