Thursday, 08 April 2021 / Published in Banks, Finance, NBFC, RBI

RBI orders Banks and NBFC to make policy to refund/adjust the “interest on interest” during the period moratorium

The Reserve Bank of India (RBI) orders banks and NBFC to “immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to 31st August 2020, in conformity with the Hon’ble Supreme Court of India Judgement in the matter of Small