new Delhi. Even in lockdown, the bank is engaged in collecting interest from its customers. One such petition has been filed in the Supreme Court. Accepting the petition, the Supreme Court has asked the central government to clarify the situation. In the interest cases being charged by the bank, the Supreme Court has sought a response from the Central Government and RBI (RBI) in a week.
Explain that the petition filed said that banks have given exemption in installment payment during lockdown. However, in the name of granting exemption, banks are charging compound interest from their customers till the time of paying the installment. Which will put more financial burden on the customers. Do not charge your interest in a bank loan when the work is closed during the lockdown.
It is worth noting that the Reserve Bank of India gave a three-month moratorium in the installment of the bank loan. Which was later extended to August but during this period there is no reduction or rebate in installment interest. In the petition filed in the Supreme Court, it has been requested that with the installment, three months interest should also be banned. The petition states that if the interest for this period is not waived, the interest will be recovered by the bank after the expiry of the period of three months or in the end it will be charged as additional installment or it will be added to the remaining installments. Which will increase the economic crisis on the people.
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