November 5 cutoff for banks to credit compound interest to borrowers: Centre to SC | Business

Oct 27, 2020, 10:28AM ISTSource:

The Central government has informed the Supreme Court that November 5 is the cutoff for banks to credit the compound interest to borrowers who had availed loans of up to Rs 2 crore during the six-month loan repayment moratorium period. Banks can then claim reimbursement from the Union government. This comes after SC asked the government to explain the mechanism to implement the decision of waiving interest on interest for the six-month moratorium period for borrowers, including MSMEs.

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