Mumbai: The third Covid-19 wave poses a risk to the asset quality of banks, as many restructured loans would be out of their moratorium period from the fourth quarter of the ongoing fiscal year, according to rating firm . The increased spread of the Omicron variant is likely to result in a surge in infections. … Read more
US President Joe Biden on Wednesday extended a moratorium on student loan repayments for an additional three months, until May 1, 2022. The move is expected to impact the student debt of some 41 million people. “We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need … Read more
Allegations that governments used phone malware supplied by an Israeli firm to spy on journalists, activists and heads of state have “exposed a global human rights crisis,” Amnesty International said, asking for a moratorium on the sale and use of surveillance technology. In a Friday statement, the NGO warned of “the devastating impact of the … Read more
The RBI has filed an affidavit before Supreme Court in the loan moratorium case hearing and said that it’s not possible to give more time as relief for sectors hit by the coronavirus pandemic. Centre has told Supreme Court more relief time for loan moratorium cannot be given to sectors hit by Covid-19. (PTI) The … Read more
The government’s proposed compound interest waiver is likely to help the individuals who opted for the moratorium, but a bigger concern arises out of the accumulated simple interest during the period. The Centre recently submitted a proposal to waive ‘interest on interest’ charges or compound interest on all retail and MSME loans up to Rs … Read more
The government recently submitted a proposal where it agreed to waive the compounded interest or ‘interest on interest’ charges for MSME and personal loans during the moratorium period. As per the Centre’s draft proposal, compound interest on fixed-term loans and equated monthly instalments (EMIs) will be waived — to the tune of Rs 2 crore … Read more
The six-month loan moratorium which was announced by the government to provide relief to small and middle-income borrowers has been counterproductive for many individuals. A number of individual borrowers, especially those who own a credit card, have found themselves in a pool of debt after a period of temporary relief during the six-month moratorium. Credit … Read more
A few days ago the central government submitted a proposal to waive compound interest or ‘interest on interest’ charges for the six-month loan moratorium period that was announced in view of the economic distress caused by coronavirus pandemic. The Centre’s proposal to waive the ‘interest on interest’ charges on loans for the moratorium period came … Read more
The top court has also directed the Centre and RBI to place the report on record to give people an idea about what benefit is being extended to them. The three-judge SC bench stressed on the core issue of eliminating interest on interest for borrowers during the moratorium period for six months. The Supreme Court … Read more
(This story originally appeared in on Sep 03, 2020) NEW DELHI: Finding that it would be difficult to get waiver of interest, or even interest on interest, on loans during the six month moratorium period, various industries on Wednesday requested the Supreme Court to direct the Centre and the RBI to substantially lower the rate … Read more