New Delhi: The Union government and Reserve Bank of India today told the Supreme Court that the loan moratorium period on repayment of loans amid the Covid-19 pandemic is extendable by two years.Appearing for the Centre and the Reserve Bank of India (RBI), Solicitor General (SG) Tushar Mehta told a bench headed by Justice Ashok Bhushan that several steps have been taken for stressed sectors and the economy has contracted by 23 percent due to the pandemic.
He said, ‘we are in the process of identifying the distressed sectors to vary benefits as per the impact of hit they have taken.’
The Apex court said that it will hear and decide on Wednesday about the bunch of petitions demanding waiver of interest, or waiver of interest on interest on the suspended EMIs during moratorium period.