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. 973.74 crore pertaining to remaining claims submitted by Lending Institutions (LIs) under Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
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.
CAclubindia
