RBI's moratorium vs Banking institutions loans

[akram143]

We all knows that the whole world got stucked in economic activities due to the spread of covid 19 so many governments decided to give financial packages to EMIs while India as well announced moratorium for three months now again extended it until August.

But most of the banks and financial institutes ask every individual to pay their loans compulsorily even in the moratorium period so what should we do against their aggressive behaviour while collecting dues even when people are starving.

Our financial minister said that we can individually complain if someone ask our due amount when we wanted to pay directly to the ministry but do you guys think it is possible?

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[akram143]

After very long time there is something good for the people who claimed moratorium for the past 6 months, there is unofficial news going that central government is going to remove the interest on interest rates for the moratorium loans and it is only will be available for the loan amount upto 2 crores.

source: https://timesofindia.indiatimes.com/india/centre-ready-to-waive-interest-on-interest-during-moratorium/articleshow/78455446.cms

[reliable]

Something good for all the small-scale enterprises with this news which will help them to atleast save some money with those interest and good decision by the government on this. It would have been better if they would have taken a bit earlier but now considering the situation, they are probably now forced to do it.

[akram143]

Something good for all the small-scale enterprises with this news which will help them to atleast save some money with those interest and good decision by the government on this. It would have been better if they would have taken a bit earlier but now considering the situation, they are probably now forced to do it.

This is not done by the government, this is the success of an individual who filed case against the interest on interest during moratorium period and government were forced to accept supreme court's recommendation but still the official affidavit has to be be released and it is expected to be submitted on Oct 12.

[reliable]

Something good for all the small-scale enterprises with this news which will help them to atleast save some money with those interest and good decision by the government on this. It would have been better if they would have taken a bit earlier but now considering the situation, they are probably now forced to do it.

This is not done by the government, this is the success of an individual who filed case against the interest on interest during moratorium period and government were forced to accept supreme court's recommendation but still the official affidavit has to be be released and it is expected to be submitted on Oct 12.

Got it. I wished such more steps would have been taken pro-actively by government rather than people suffering and going in stress and later getting this relief. This type of situation would have been so much fateful for so many who were going through this tension and now hopefully it would be better for them.