RBI asks lending institutions to implement waiver of interest on interest scheme

The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to Aug 31, 2020 by respective lending institutions. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by Nov 5.

from Banking/Finance-Industry-Economic Times https://ift.tt/3oxP5OH