Loan Moratorium And Waiver of Interest - Live Updates From Supreme Court

This is a case where the National Disaster Management Authority should have come out, instead of handing over to the banks.

26 sectors severely impacted by disaster, Kamath Committee has recognised these sectors, says Srivastava

Interest over interest is also stipulated in the Circulars which means that borrowers will have to pay a penalty for taking moratorium, says Srivastava

He adds that he is unable to understand how the RBI is holding the borrowers hands with the present policy stipulations.

Srivastava says that the intervention application of the IBA and the SBI circulars have been signed by the Deputy Managing Director but nowhere it has been stipulated to be a Board Approved policy.

They have shown nothing on record to prove why this was done, Srivastava says

Srivastava : Govt and RBI have come up with measures - for small borrowers (for loans up to 2 crores) on which I made submissions regarding discrimination.

Senior Advocate Ravindra Srivastava is making rejoinder submissions.

He says that no authority seems to be looking into the grievances of the borrowers.