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| Banks continue to violate moratorium on loan repayment, deducting installments as usual | | |
ASHWANI SHARMA
EARLY TIMES REPORT
UDHAMPUR, May 1: Even as the government has given clear guidelines to the banks to avoid levying interests on loans during the lockdown period, the banks are seen violating the same and are indulging in levying interests on loans and also deducting the previous installments.
One of the aggrieved customers, Prakash Kumar (name changed) claimed that J&K Bank in Udhampur deducted his previous loan installment and also charged interest thereby violating the directions of the union government.
“It is lockdown everywhere in the world right now. How anyone can afford to pay any amount like previous as well as current installment in this situation?,” he maintained
When contacted, some officials of the bank gave lame excuses and keep changing the statement to justify the wrong doing on part of the bank.
It is pertinent to mention here that the Supreme Court on Thursday directed the Reserve Bank of India (RBI) to ensure that the circular on 3-month moratorium issued by it on loan repayment between March 1 and May 31 is implemented in letter and spirit as it appears that the banks are not extending the benefit to the borrowers.
As per a media report the apex court told Solicitor General Tushar Mehta, appearing for Centre, that it appears that the benefit given by the RBI is not been extended to the borrowers.
The plea was made that since the March 27 circular was not being implemented in its letter and spirit, it should be set aside.
However, a bench of Justices N V Ramana, Sanjay Kishan Kaul and B R Gavai, which took up as many four PILs related to RBI circular through video conferencing, said since the petitioners are not aggrieved parties therefore it is not interfering with the circular.
“…we direct the Reserve Bank of India to ensure implementation of the circular, dated: March 27, 2020 in its letter and spirit,” the bench said, in its order in one of the PIL filed by Kamal Kumar Kalia. |
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