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Govt. constitutes Expert Committee for doing assessment w.r.t waiver of interest levied on bank borrowers during moratorium

Ministry of Finance Update

The Government has constituted an Expert Committee after observing various concerns being raised during the proceedings in the matter of Gajendra Sharma Vs. UoI and Others at the Hon’ble Supreme Court of India. The respective matter is regarding the relief sought in terms of waiver of interest and waiver of interest on interest and other related issues.

The Expert Committee is of 3 people, (i)  Shri Rajiv Mehrishi, former CAG of India – Chairperson, (ii)  Dr. Ravindra H. Dholakia, former Professor, IIM Ahmedabad & ex- Member, Monetary Policy Committee of Reserve Bank of India and (iii)  Shri B. Sriram, Former Managing Director, State Bank of India & IDBI Bank

Government states that the Expert Committee has been constituted for making an overall assessment so that its decisions in this regard are better informed. In addition, the committee would be measuring the impact on the national economy and financial stability  of waiving of interest and waiving of interest on interest on the COVID-19 related moratorium. Secondly, would be providing suggestions  to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard. Third, Expert Committee would be providing suggestions/observations that may be necessary given the current situation.

 

The Committee is required to submit its report within one week and State Bank of India would be providing the secretarial support to the committee.   

 

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