Waiver of interest on interest scheme: Good news borrowers! RBI asks lending institutions to implement bank loan moratorium order
The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.
Interest on interest waiver scheme: On October 23, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. PTI