Reserve Bank of India (RBI)
Reserve Bank of India (RBI)

Economic aspect is not higher than the health of the people, the Supreme Court told the Reserve Bank of India (RBI) on interest waiver during loan moratorium.

The top court on Thursday expressed strong displeasure over the way the RBI is treating people who had taken loans and wanted a waive off of their rate of interest during this moratorium period in this pandemic times.

The RBI (Reserve Bank of India) had in its affidavit recently said that lenders may likely lose around Rs 2 lakh crore if the interest on their loans is waived off during the loan moratorium, which has been extended till August 31.

A bench of the apex court, headed by Justice Ashok Bhushan and also comprising Justices Sanjay Kishan Kaul, and M R Shah, said, "The economic aspect is not higher than the health of people. The RBI is trying to sensationalise the issue by leaking to the media." When the Supreme Court noted that the Finance Ministry is assessing the issue of interest waivers or not, to this, Solicitor General Tushar Mehta replied to the court, "let me seek instructions from the concerned authorities in this aspect." The top court will next hear the matter on June 12, when Mehta will take instructions from the Finance Ministry and RBI to apprise the apex court about the terms and conditions and measures and ways and means in the case.

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