SC slams govt on mortgage moratorium: Can’t have an interest solely in enterprise

NEW DELHI: The Supreme Court on Wednesday got here down closely on the Centre for not taking a stand on giving moratorium on charging curiosity on mortgage in addition to curiosity on curiosity throughout the identical interval declared throughout pandemic.
“You can’t be solely in enterprise and never about sufferings of individuals,” the highest court docket stated.
The court docket additional acknowledged that “it seems that the Centre is hiding behind the RBI (Reserve Bank of India) determination on this situation when it had ample powers underneath Disaster Management Act to determine whether or not it might cease banks from charging curiosity on deferred EMIs (equated month-to-month instalmets) and cease curiosity on curiosity for moratorium interval.”
The RBI had in March introduced a moratorium on reimbursement of time period deposits for 3 months, which was later prolonged until August 31.

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