New Delhi: The government on Wednesday approved a sanction of Rs 973.74 crore State Bank of India ,State Bank Of India) as a reimbursement related to the loan moratorium implemented in 2020 amid the pandemic.
Briefing the media on Cabinet decision, Minister of Information and Broadcasting Anurag Singh Thakur The said a provision of Rs 5,500 crore was made in the budget for the scheme of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts.
Of this, Rs 4,626 crore was paid in 2020-21, he said, adding that an additional claim of Rs 1,846 crore is pending.
To clarify this, he said, the Union Cabinet has approved the balance Rs 973.74 crore to SBI for payment of these dues.
On March 27, 2020, RBI announced a loan moratorium on payment of installments of term loans falling due between March 1 and May 31, 2020, due to the pandemic. Later it was extended to 31 August.
Financial and non-banking financial institutions were asked to credit the difference between compound and simple interest collected on loans up to Rs 2 crore during the moratorium scheme till November 30, 2020.
The Finance Ministry has said that after crediting this amount, the lending institutions will claim reimbursement from the central government. SBI was made the nodal agency for reimbursement of claims.
Briefing the media on Cabinet decision, Minister of Information and Broadcasting Anurag Singh Thakur The said a provision of Rs 5,500 crore was made in the budget for the scheme of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts.
Of this, Rs 4,626 crore was paid in 2020-21, he said, adding that an additional claim of Rs 1,846 crore is pending.
To clarify this, he said, the Union Cabinet has approved the balance Rs 973.74 crore to SBI for payment of these dues.
On March 27, 2020, RBI announced a loan moratorium on payment of installments of term loans falling due between March 1 and May 31, 2020, due to the pandemic. Later it was extended to 31 August.
Financial and non-banking financial institutions were asked to credit the difference between compound and simple interest collected on loans up to Rs 2 crore during the moratorium scheme till November 30, 2020.
The Finance Ministry has said that after crediting this amount, the lending institutions will claim reimbursement from the central government. SBI was made the nodal agency for reimbursement of claims.
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