Supreme Court not satisfied with Centre-RBI’s response on loan moratorium

BusinessSupreme Court not satisfied with Centre-RBI’s response on loan moratorium

Date:

Supreme Court not satisfied with Centre-RBI’s response on loan moratorium

New Delhi: The Supreme Court on Monday expressed dissatisfaction over the response filed by central government and RBI on the loan moratorium issue as the recommendation by the Kamat Committee and action on it did not feature in the reply.

The top court has sought specific reply from the Centre on the recommendations by Kamat Committee, which have been accepted and also queried, as to “how many of them have been put in the public domain?”

A bench headed by Justice Ashok Bhushan gave one week to the Centre to file an additional affidavit in the matter clarifying the implementation of the Kamat Committee recommendations.

The bench observed that the Kamat Committee recommendations and follow up action on individual sectors has also not been placed before it.

The bench said “Why was it not placed before us?”

Senior advocate VV Giri representing the RBI submitted before the bench that decisions have been taken at the highest level and the government has assured hand-holding of small borrowers.

Giri added this will also require statutory amendment, circulars and emphasized that the government proposal will take care of large chunk of small borrowers, who fear interest on interest during the moratorium.

The bench said no consequential orders, circulars have been issued by the Centre or Reserve Bank of India to enforce the decisions, and also Kamat Committee recommendations have not been placed before the court.

Share post:

Subscribe

Popular

More like this
Related

Delhi High Court Backs Temporary Telegram Ban Ahead of NEET-UG Re-Exam

The Delhi High Court on Friday upheld the Centre's...

Tamil Nadu Assembly Follows Tradition, Begins With Tamil Anthem and Ends With National Anthem

The Tamil Nadu Assembly on Thursday followed its long-standing...

Fiscal Deficit Explained Simply: What It Means for the Economy

Every Union Budget season, one term that frequently makes...