The State bank of India has told the Supreme court that the interest on loans can not be waived for the next six months of the repayment moratorium that is been allowed by the RBI.
The bank has made a meeting on the same with and took the decision on the same.
The judges said- “Our concern in these proceedings is only whether the interest that has been deferred for three months will be added to charges payable later and whether there will be interest on the interest. We are doing balancing. The only thing we are wanting is a wider measure.”
RBI has also extended the moratorium for the next three months from June to August due to the pandemic. They have allowed the customers to pay the loans after the time but by paying the interest of the same.