{"id":60336,"date":"2020-10-29T15:11:23","date_gmt":"2020-10-29T09:41:23","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=60336"},"modified":"2020-10-29T15:11:23","modified_gmt":"2020-10-29T09:41:23","slug":"loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court","title":{"rendered":"Loan moratorium : Lenders to credit interest on interest’ to borrowers by Nov 5, Centre tells Supreme Court"},"content":{"rendered":"

\"\"<\/a>The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI’s loan moratorium scheme.<\/p>\n

The Ministry of Finance has said that after crediting this amount, the lending institutions would claim reimbursement from the Central government.<\/p>\n

In an affidavit filed in the apex court, the government has said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the 6-month loan moratorium period which was announced following the COVID-19 pandemic situation.<\/p>\n

Under the scheme, all lending institutions (as defined under clause 3 of the scheme) shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020 to August 31, 2020, the affidavit said.<\/p>\n

It said: The Central government has directed that all lending institutions described in clause 3 thereof shall give effect to the scheme and credit the amount calculated as per the scheme in the respective accounts of borrowers by November 5, 2020.<\/p>\n

The affidavit was filed in the top court which is hearing a batch of pleas which have raised issues, including that of interest on interest’, concerning the loan moratorium period.<\/p>\n

The affidavit said the amount shall be credited by lending institutions irrespective of whether such eligible borrowers have fully availed or partially availed or have not availed of the moratorium viz. deferment in payment of instalments as per the circulars dated March 27, 2020 and May 23, 2020 issued by RBI.<\/p>\n

After crediting the said amount in the respective accounts of eligible borrowers, the lending institutions would claim reimbursement from the Central government through the nodal agency of State Bank of India as stipulated under the scheme, it said.<\/p>\n

It said the decision has been taken after careful consideration, keeping in mind the overall economic scenario, the nature of borrowers, impact on the economy and such other factors as a policy decision earmarking the above referred class of borrowers for grant of benefits .<\/p>\n

On October 14, the apex court had observed that the Centre should implement “as soon as possible” the interest waiver on loans of up to Rs 2 crore under the RBI’s moratorium scheme and had said that the common man’s Diwali is in the government’s hands.<\/p>\n

The Centre had earlier told the court that going any further than the fiscal policy decisions already taken, such as waiver of compound interest charged on loans of up to Rs 2 crore for moratorium period, may be “detrimental” to the overall economic scenario, the national economy and banks may not take “inevitable financial constraints”.<\/p>\n

The Reserve Bank of India (RBI) had also filed an affidavit in the apex court saying that loan moratorium exceeding six months might result in vitiating the overall credit discipline , which will have a debilitating impact on the process of credit creation in the economy.<\/p>\n

These affidavits were filed following the top court’s October 5 order asking them to place on record the K V Kamath committee recommendations on debt restructuring because of the COVID-19 related stress on various sectors as well as the notifications and circulars issued so far on loan moratorium.<\/p>\n

It has also said that the apex court’s interim order of September 4, restraining classification of accounts into non-performing accounts in terms of the directions issued by the RBI, may kindly be vacated with immediate effect.<\/p>\n

The Kamath panel had made recommendations for 26 sectors that could be factored by lending institutions while finalising loan resolution plans and had said that banks could adopt a graded approach based on the severity of the coronavirus pandemic on a sector.<\/p>\n

Initially, the RBI on March 27 had issued the circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31,2020, due to the pandemic.<\/p>\n

Later, the period of the moratorium was extended till August 31 this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI’s loan moratorium scheme. The Ministry of Finance has said that after crediting […]<\/p>\n","protected":false},"author":1,"featured_media":60348,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[47389,47388],"class_list":["post-60336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-lenders-to-credit-interest-on-interest","tag-loan-moratorium"],"yoast_head":"\nLoan moratorium : Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells Supreme Court - Legal News India - Supreme Court & High Court Updates<\/title>\n<meta name=\"description\" content=\"The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loan moratorium : Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells Supreme Court - Legal News India - Supreme Court & High Court Updates\" \/>\n<meta property=\"og:description\" content=\"The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court\" \/>\n<meta property=\"og:site_name\" content=\"Legal News India - Supreme Court & High Court Updates\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalindiaCom\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-29T09:41:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/loan-moratarium.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"275\" \/>\n\t<meta property=\"og:image:height\" content=\"183\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Legal India Admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Legal India Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court\"},\"author\":{\"name\":\"Legal India Admin\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\"},\"headline\":\"Loan moratorium : Lenders to credit interest on interest’ to borrowers by Nov 5, Centre tells Supreme Court\",\"datePublished\":\"2020-10-29T09:41:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court\"},\"wordCount\":683,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/10\\\/loan-moratarium.jpg?fit=275%2C183&ssl=1\",\"keywords\":[\"Lenders to credit interest on interest\",\"Loan moratorium\"],\"articleSection\":[\"Top Law News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court\",\"name\":\"Loan moratorium : Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells Supreme Court - Legal News India - Supreme Court & High Court Updates\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/10\\\/loan-moratarium.jpg?fit=275%2C183&ssl=1\",\"datePublished\":\"2020-10-29T09:41:23+00:00\",\"description\":\"The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/10\\\/loan-moratarium.jpg?fit=275%2C183&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/10\\\/loan-moratarium.jpg?fit=275%2C183&ssl=1\",\"width\":275,\"height\":183},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Top Law News\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/category\\\/top-law-news\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Loan moratorium : Lenders to credit interest on interest’ to borrowers by Nov 5, Centre tells Supreme Court\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\",\"name\":\"Legal News India - Supreme Court & High Court Updates\",\"description\":\"Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"alternateName\":\"Legal News India for Advocates, Lawyers & Law Students\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\",\"name\":\"Legal News India: Supreme Court, High Courts & Govt Updates\",\"alternateName\":\"Legal News India for Advocates, Lawyers & Law Students\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/05\\\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/05\\\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"Legal News India: Supreme Court, High Courts & Govt Updates\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/LegalindiaCom\\\/\",\"https:\\\/\\\/x.com\\\/Legal_india\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\",\"name\":\"Legal India Admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"caption\":\"Legal India Admin\"},\"sameAs\":[\"https:\\\/\\\/www.legalindia.com\",\"https:\\\/\\\/x.com\\\/legaliadmin\"],\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/author\\\/legal-india-admin\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Loan moratorium : Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells Supreme Court - Legal News India - Supreme Court & High Court Updates","description":"The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court","og_locale":"en_US","og_type":"article","og_title":"Loan moratorium : Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells Supreme Court - Legal News India - Supreme Court & High Court Updates","og_description":"The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","og_url":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court","og_site_name":"Legal News India - Supreme Court & High Court Updates","article_publisher":"https:\/\/www.facebook.com\/LegalindiaCom\/","article_published_time":"2020-10-29T09:41:23+00:00","og_image":[{"width":275,"height":183,"url":"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/loan-moratarium.jpg","type":"image\/jpeg"}],"author":"Legal India Admin","twitter_misc":{"Written by":"Legal India Admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#article","isPartOf":{"@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court"},"author":{"name":"Legal India Admin","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea"},"headline":"Loan moratorium : Lenders to credit interest on interest’ to borrowers by Nov 5, Centre tells Supreme Court","datePublished":"2020-10-29T09:41:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court"},"wordCount":683,"commentCount":0,"publisher":{"@id":"https:\/\/www.legalindia.com\/news\/#organization"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/loan-moratarium.jpg?fit=275%2C183&ssl=1","keywords":["Lenders to credit interest on interest","Loan moratorium"],"articleSection":["Top Law News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court","url":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court","name":"Loan moratorium : Lenders to credit interest on interest' to borrowers by Nov 5, Centre tells Supreme Court - Legal News India - Supreme Court & High Court Updates","isPartOf":{"@id":"https:\/\/www.legalindia.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/loan-moratarium.jpg?fit=275%2C183&ssl=1","datePublished":"2020-10-29T09:41:23+00:00","description":"The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","breadcrumb":{"@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#primaryimage","url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/loan-moratarium.jpg?fit=275%2C183&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/loan-moratarium.jpg?fit=275%2C183&ssl=1","width":275,"height":183},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalindia.com\/news\/loan-moratorium-lenders-to-credit-interest-on-interest-to-borrowers-by-nov-5-centre-tells-supreme-court#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalindia.com\/news\/"},{"@type":"ListItem","position":2,"name":"Top Law News","item":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},{"@type":"ListItem","position":3,"name":"Loan moratorium : Lenders to credit interest on interest’ to borrowers by Nov 5, Centre tells Supreme Court"}]},{"@type":"WebSite","@id":"https:\/\/www.legalindia.com\/news\/#website","url":"https:\/\/www.legalindia.com\/news\/","name":"Legal News India - Supreme Court & High Court Updates","description":"Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","publisher":{"@id":"https:\/\/www.legalindia.com\/news\/#organization"},"alternateName":"Legal News India for Advocates, Lawyers & Law Students","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalindia.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.legalindia.com\/news\/#organization","name":"Legal News India: Supreme Court, High Courts & Govt Updates","alternateName":"Legal News India for Advocates, Lawyers & Law Students","url":"https:\/\/www.legalindia.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"Legal News India: Supreme Court, High Courts & Govt Updates"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/LegalindiaCom\/","https:\/\/x.com\/Legal_india"]},{"@type":"Person","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea","name":"Legal India Admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","caption":"Legal India Admin"},"sameAs":["https:\/\/www.legalindia.com","https:\/\/x.com\/legaliadmin"],"url":"https:\/\/www.legalindia.com\/news\/author\/legal-india-admin"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/10\/loan-moratarium.jpg?fit=275%2C183&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":59797,"url":"https:\/\/www.legalindia.com\/news\/waiver-of-interest-charged-during-moratorium-sc-asks-centre-and-rbi-to-hold-meet-in-three-days","url_meta":{"origin":60336,"position":0},"title":"Waiver of interest charged during moratorium: SC asks Centre and RBI to hold meet in three days.","author":"Legal India Admin","date":"June 12, 2020","format":false,"excerpt":"The Supreme Court on Friday asked the Finance Ministry and the Reserve Bank of India to hold a meeting within three days to decide on waiver of interest on interest for deferred payments of instalments for loans during the moratorium period announced in wake of the coronavirus-induced lockdown. The court\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59750,"url":"https:\/\/www.legalindia.com\/news\/sc-seeks-finance-ministrys-reply-on-waiver-of-interest-on-loans-during-moratorium-period","url_meta":{"origin":60336,"position":1},"title":"SC seeks finance ministry’s reply on waiver of interest on loans during moratorium period.","author":"Legal India Admin","date":"June 4, 2020","format":false,"excerpt":"The Supreme Court Thursday sought finance ministry's reply on waiver of interest on loans during the moratorium period after the RBI said it would not be prudent to go for a forced waiver of interest risking financial viability of the banks. The top court said there are two aspects under\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59609,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-nudges-rbi-to-examine-if-moratorium-circular-is-being-implemented-in-letter-and-spirit","url_meta":{"origin":60336,"position":2},"title":"Supreme Court nudges RBI to examine if moratorium circular is being implemented in ‘letter and spirit’.","author":"Legal India Admin","date":"May 11, 2020","format":false,"excerpt":"Supreme Court has requested the Reserve Bank of India (RBI) to check and verify if the March 27 circular, directing for a moratorium on loan installments, was being implemented in \u201cletter and spirit\u201d. On March 27, the central bank, as a part of a slew of measures to combat the\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/RBI-Logo.jpeg?fit=300%2C226&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":59571,"url":"https:\/\/www.legalindia.com\/news\/rbi-moratorium-sc-agrees-to-hear-plea-seeking-interest-waiver-on-loans-during-lockdown","url_meta":{"origin":60336,"position":3},"title":"RBI moratorium: SC agrees to hear plea seeking interest waiver on loans during lockdown.","author":"Legal India Admin","date":"May 8, 2020","format":false,"excerpt":"Supreme Court on Friday agreed to hear a plea seeking interest waiver on outstanding loan payments for the period of the nationwide lockdown and to widen the Reserve Bank of India's (RBI) March 27 circular. Consequently, the apex court has issued a notice to the central government and to RBI\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/RBI-Logo.jpeg?fit=300%2C226&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":59681,"url":"https:\/\/www.legalindia.com\/news\/rbi-cuts-interest-rates-and-extends-loan-moratorium-to-ramps-up-economic-support","url_meta":{"origin":60336,"position":4},"title":"RBI cuts interest rates and extends loan moratorium to ramps up economic support.","author":"Legal India Admin","date":"May 22, 2020","format":false,"excerpt":"The Reserve Bank of India (RBI) on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades. The benchmark repurchase (repo) rate was\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/08\/rbi.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":57130,"url":"https:\/\/www.legalindia.com\/news\/bci-imposes-3-year-moratorium-on-opening-of-new-law-colleges","url_meta":{"origin":60336,"position":5},"title":"BCI imposes 3-year moratorium on opening of new law colleges","author":"Legal India Admin","date":"August 12, 2019","format":false,"excerpt":"Taking note of mushrooming of law colleges in the country, the Bar Council of India has imposed a three-year moratorium on opening of new institutions barring national law universities, if proposed by a state. The apex bar body said that it would lay stress on the improvement of standard of\u2026","rel":"","context":"In "Bar, Bench & Firm News"","block_context":{"text":"Bar, Bench & Firm News","link":"https:\/\/www.legalindia.com\/news\/category\/bar-bench-firm-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/08\/download-48.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-fHa","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/60336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=60336"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/60336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/60348"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=60336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=60336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=60336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}