Quick Summary
Cabinet approves Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts The Union Cabinet chaired by Honble Prime Minister Shri Narendra Modi has approved the payment of ex-gratia amount of Rs. 973.7
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FAQ :
The Union Cabinet has sanctioned Rs 973.74 crore for ex-gratia payments to borrowers.
The payment is being made to borrowers in specified loan accounts to cover the difference between compound and simple interest for a six-month period.
The ex-gratia payment covers the period from March 1, 2020, to August 31, 2020.
Eligible loan categories include MSME loans, education loans, housing loans, consumer durable loans, credit card dues, auto loans, personal loans to professionals, and consumption loans, all up to Rs 2 crore.
Yes, an initial amount of Rs 5,500 crore was previously disbursed to SBI for this scheme.
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