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SC refuses to extend loan moratorium period

Date: 24 March 2021 Tags: Judiciary & Judgments
  • Supreme Court has turned down the pleas from various trade associations and corporate bodies seeking an extension of six-month loan moratorium offered by the Reserve Bank of India.
  • The court has said that it cannot direct the government or the central bank to announce particular financial relief or packages, nor can it ask relief for particular sectors.
  • The RBI had on March 27 issued the circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, in view of the coronvirus pandemic. The moratorium was later extended till August 31, 2020.