RBI Asks Lenders to Refund Interest-on-Interest to All Borrowers for the 6 Month Moratorium Period
0 The Reserve Bank of India (RBI) has asked all banks and non-banks to refund interest-on-interest to all borrowers for the six month moratorium period that ended on 31 August 2020. The central bank also clarified that asset classification of borrower accounts by all lending institutions following the judgment by Supreme Court should continue to be governed by the extant instructions as per following: For borrowers who did not avail the moratorium, banks must follow extant income recognition and asset classification norms. For accounts which availed moratorium, lenders must remove t...
Source: moneylife.in