AHMEDABAD: Banks have started giving cashback to all EMI payers on time during the moratorium period during the Corona period. The Reserve Bank of India ( RBI ) on Tuesday asked all lenders to implement a scheme to waive interest on loans up to Rs 2 crore. This cashback is being given by the underlying banks. HDFC, the country's largest private sector bank, has also started crediting interest to its customers' accounts in the form of cashback as directed by the RBI.
The RBI had asked the customers to deposit cashback amount in their accounts by November 5. As per RBI directive, cashback of interest will be available on loans of up to Rs 2 crore in 8 categories. These include MSME, Education, Credit Card Bill, Housing Loan, Auto Loan, Personal Loan, Consumer Durable and Consumption Loan. It only includes personal loans from professionals. If a person has a loan of more than Rs 2 crore in all these categories, he will not get the benefit of cashback. This relief will be available to all borrowers who have availed the benefit of six months relief in EMI payments or not.
Following the RBI's directive, HDFC has started crediting interest on some loans to its customers' accounts. Interest money has been credited back to the accounts of some customers who took car loans from HDFC Bank and also paid regular installments during the moratorium. However, some customers who have taken home loans from the country's largest private bank said they are still waiting for cashback. A similar response was heard from some customers in the case of credit cards.
The Lone Moratorium case was last heard in the Supreme Court on October 14. The case was due to be heard on November 2, but could not be heard for some reason. In a hearing on October 14, the apex court said the interest waiver scheme on interest should be implemented as soon as possible. The central government, meanwhile, had sought a deadline of November 15 to issue the circular. Rejecting it, the apex court had directed the Center to issue a circular by November 2. "Once the decision has been made, why should it take so long to implement it?" The court said.
The Reserve Bank on Tuesday asked all banks and financial institutions to implement the recent public interest waiver scheme for loans up to Rs 2 crore. The government had directed all banks to deposit the difference between compound interest and normal interest in the accounts of the borrowers by November 5. This benefit will be available on 184 days loan between 1st March to 21st August.
No comments:
Post a Comment