[Interest On Loan Moratorium Hearing- Day-2] Live- Updates From Supreme Court

SG now reads the RBI Governors statement analysing the affect of economy due to covid19.

“When an account becomes NPA - it happens when one fails fo pay for 90 days. The “freezing period” of moratorium stands excluded,” he adds. 

SG: The methodology adopted was for reduction of immediate pressure of payment of instalments, resurrect all sectors & restructure stressed assets.

SG: Impact of Covid differs on every sector.

The tenure for repayment of loans has been extended by 3 months - this was an immediate measure by RBI

SG: Banking sector is also a sector that needs to be stabilised.

SG: Not taking an adversarial role here. As a nation, it was an easier option to right off interest.

But thats not an effective way to revive economy.

We chose to keep alive as many other nations have done.

Bench has assembled.

Solicitor General begins his submissions.

Yesterday, arguments were made on behalf of several petitioners including Senior Counsel Kapil Sibal & Rajiv Dutta, urging the Court to issue directions to the RBI & Centre for waiving off the interest accrued on loan repayments during Moratorium.