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9:30 AM

Government’s payback scheme on interest is arbitrary, Industry tells Supreme Court

Industry and business sectors complained to the Supreme Court on Wednesday that the government’s decision to restrict its payback scheme to “small” borrowers covering only eight categories of loans, worth up to ₹2 crore, was “arbitrary.”

A Bench led by Justice Ashok Bhushan was hearing a host of pleas from various sectors for similar financial relief to help them overcome the stress caused by the pandemic and lockdown.

One of them even sought an extension of the moratorium till March 31, 2021.

So far, the payback scheme covers only MSME, education, housing, consumer durables, credit card, auto, personal and consumption loans. Under this scheme, lenders have already returned over ₹4,300 crore as the difference in the compound interest and simple interest charged between March 1 and August 31 (moratorium period). Ex-gratia payments had been made into 13.12 crore bank account as of November 13, the Supreme Court had noted from the government’s submission in a judgment on November 27.

 

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