The central government had announced to waive the interest over and above the interest charged during the term of the loan moratorium. Now the RBI has ordered the banks to transfer money to the customers’ accounts as soon as possible. Actually, the government had said that customers will start getting interest money from November 5. On this matter, the Supreme Court has also said that the practice of returning their money to the customers should be started at the earliest. If you have not availed the loan moratorium, then the amount of interest over the interest charged during the moratorium period can soon come in your account.
RBI issued orders
The Reserve Bank of India has ordered all banks and lending agencies to quickly transfer the money of interest on interest on loans up to Rs 2 crore for a 6-month deferment period starting March 1. to be done. It also includes non-financial institutions.
Money will come into your account automatically
It has been assured to the customers by the Finance Ministry that the money will come into the customers’ accounts automatically. For this, they do not have to go round the banks. On the other hand, if you have paid your installment during the loan moratorium period, then you will be given cashback. Actually, the Reserve Bank of India wants that the Diwali of the people is not spoiled and before that money reaches the accounts.
Orders issued by notification
The Reserve Bank of India has issued a notification, asking banks and financial institutions to implement this scheme within the stipulated time. In such a situation, it is expected that now money will start coming into people’s accounts as soon as possible.
