EMI Moratorium! Whether the exemption in loan EMI will be extended further, the Supreme Court will hear today

Loan EMI Moratorium Latest News- The Supreme Court will hear today on the plea of ​​Reserve Bank (RBI) to extend the exemption in loan EMI till December.

Mumbai. The Supreme Court has decided to hear the petition of the Reserve Bank (RBI) to extend the loan EMI Moratorium Extended for the second time till December. The matter will be heard in the Supreme Court today. Significantly, after the lockdown in view of the corona virus, the RBI announced a loan moratorium for three months. But later this period was further extended for 3 months. The petitioner has argued in the court that given the difficult economic conditions in the Corona crisis, the moratorium facility was not finished yet, in this case the facility of morotorium should be extended by December this year.

Loan EMI waiver ended on August 31The loan moratorium for 6 months extended by the Reserve Bank of India (RBI) has ended today. After the RBI extended its term for the second time, many bankers had said that the lack of loan amount would affect the health of the financial system.

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Loan Moratorium – Loan Moratorium is a system under which the common man was getting the option to postpone his loan installment. However, it was only an option to postpone the installment, not to waive EMI. In order to give exemption in loan EMI, the RBI implemented a system of loan moratorium. As the lockdown progressed, the loan moratorium was also extended 2 times. The first time was from March to May 2020. It was implemented for the second time from June to August 2020.
Earlier this month, the Reserve Bank of India said that it would facilitate loan restructuring scheme to lenders. This will provide relief to those who have taken loans but are unable to make repairs in the current crisis. Under the restructuring facility, borrowers will be able to schedule loan payments in a new way.

a bench headed by Justice Ashok Bhushan has accepted this petition of Advocate Vishal Tiwari. Now the Supreme Court will hear it by adding it with the already pending morotorium cases. Let us tell you that on August 26, while hearing the earlier petitions, the court had given a strong rebuke to the government and said that it should not take cover of RBI in this matter and clarify its stand within a week.

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