Delhi: The Supreme Court of India on Wednesday requested the government’s position on waiving interest on loan re-payments for the duration of the lockdown period and said it “cannot hide” behind the Reserve Bank of India (RBI).

The Supreme Court said: “This happened because you locked down the entire country.” Reacting angrily to the center’s remark that the move would hit businesses and banks across the country,

The Supreme Court of India has instructed the government to make government stand clear by September 1, on the petition that asks that interest on loan re-payment in the moratorium during the coronavirus lockdown be cancelled.

The court said the center had not clarified its stand even though it has “ample powers” under the Disaster Management Act to grant the waiver.

“You cannot be interested only in business and not about sufferings of people,” the Supreme Court said, noting that the issue had been pending for a long time.

Justice Ashok Bhushan said “The problem has been created by your (centre’s) lockdown. This is also not the time to consider about the business. The plight of people has to be considered also. You have to tell us your stand on two things: disaster management act and if the interest on interest will be accounted for.”

The petitioners wanted some portion of an RBI notification issued on March 27 to be cancelled so that interest could be waived. They said the interest creates hardship, hindrances, and objection in right to life guaranteed under the constitution.

You can get instant news and articles from Hyderabad Post

Click to Like/Follow/Subscribe us on Facebook – Twitter – Telegram – Instagram – WhatsApp – YouTube – Reddit – Koo