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Govt vs RBI: Covid-19 Moratorium Bill Payment Face-Off

Mar 31, 2021 07:30 IST | By Editorji News Desk

Sources have told Business Standard that banks and govt are set to face-off on who will pay the Rs 8000 cr moratorium interest bill to customers .

As per sources banks have requested the government to foot the bill but the finance ministry seems to be not interested. The Supreme Court verdict on March 23 had ruled that banks cannot charge interest on interest for accounts that sought moratorium relief during the pandemic period last year and the amount so collected must be refunded in the next installment of the loan account.

According to bankers as per the apex court judgment, banks have to adjust the penal interest in the next installment in April and are obligated legally to implement it.

Business