Advertisement

Should Indian banks waive off interest on loans under moratorium?

Should Indian banks waive off interest on loans under moratorium?

With the Centre for Monitoring Indian Economy saying that over 21 million salaried lost their jobs since April, the finances of many families are in complete disarray. Against this grim backdrop, comes the demand for interest on loans accrued under the Covid-19 moratorium to be waived. On March 27, the Reserve Bank of India (RBI) said that banks would be allowed to grant a moratorium on the payment of loan instalments due between March 1 and May 31.