Ananth K 0

Waiver of Interest during Moratorium period.

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Crores of people are in financial distress due to the Corona crisis. RBI and Finance ministry have come with a few measures, of which, individuals have received moratorium, where Individuals and businesses can defer their loan EMI for 6 months. However, this 6 month moratorium period attracts interest which has to be paid later (not later to 31st March 2021).

Interest on loans has been challenged in the Supreme Court. As the government has mandated the lock-down and asks individual to pay EMI along with compounding interest when their future looks uncertain. Some of us have got pay cuts and some lost jobs. And Finance Ministry and RBI expecting us to pay interest during this 6 month moratorium is adding a financial burden on almost all the working class population.

This petition is a request to get waiver on Interest during moratorium.

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