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Loan relief: Government To implement scheme by November 5

Govt to implement a loan relief scheme by November 5, to shell out ₹ 6,500 crore.

Government Issues Guidelines On Loan Relief

Govt issues guidelines on loan relief
Govt to implement scheme by Nov 5
Borrowers to pay simple interest only
Lenders to first credit amount on eligible loans
Govt will reimburse&nbsp;lending institutions
Govt will have to shell out ₹ 6,500 crore

In a relief to borrowers, government has said that it will implement a loan relief scheme by November 5. The Supreme Court had&nbsp;directed government to implement interest waiver on loans of up to ₹ 2 crore under the Reserve Bank of India's moratorium scheme. The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months from March 1 to August 30. Lending institutions will first credit the amount on eligible loans up to&nbsp;₹&nbsp;2 crore, which will be reimbursed by the government. Borrowers will only need to pay simple interest for their outstanding borrowing. The government will have to shell out ₹ 6,500 crore for the implementation of the scheme, PTI reported.

Watch: Cartoon Characters Inside Children’s COVID Care Centre

Take an exclusive peek into how India&rsquo;s first Children&rsquo;s COVID Care Centre in Guwahati looks like. Eight COVID positive children are currently admitted in the centre which was inaugurated on August 30.

august 30

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