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| Need relief in COVID times | | | The Supreme Court asking the Centre to clarify its stand on payment of interest during the 6-month moratorium period has raised hopes that people may get some relief as every sector has suffered massive losses since the outbreak of COVID-19 pandemic in March this year.
The moratorium on loan payments is set to end on August 31 and from next month onwards people will have to pay their installments. During the moratorium period people were exempted from paying the EMIs but the Reserve Bank of India had said that the interest will have to be paid. Only payments will be deferred to prevent the loan accounts from turning into NPAs.
The Supreme Court has asked the Centre that it should consider that people have faced tough times and the pandemic has not ended yet. In fact the Apex Court has asked the government to look into the possibility of waiving of the interest if not fully at least partially.
Now the ball is in the Centre’s court as it has to file its reply by September 1.
If the government decides to waive the interest it will be a big relief for the people, who have been struggling to make their ends meet after the outbreak of COVID-19.
In the past six months thousands of people across the country have lost their jobs due to recession which hit the entire world after the virus started showing its colours. As on date India is recording more than 60,000 cases in a day. Till now more than 33 lakh people have got infected due to COVID-19 and nearly 59000 have died across the country.
One can understand that if the banks waive of the interest it can put many financial institutions in trouble.
In order to mitigate the sufferings of the people and to avoid the banks from tumbling, the government of the day will have to think about an “out of box solution,” like sharing the burden of the people by at least taking care of the half of the interest component on the loans. Many countries have helped their citizens by doing so.
People are looking towards the government with a hope that it would intervene and provide them with some respite during these testing times. Last six months have not been about money but these have been about saving lives. |
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