New Delhi: The Supreme Court has slammed the Center for delaying its decision to waive interest on bank loans during the moratorium period. Earlier, the Reserve Bank of India had said that interest rates could not be waived during the moratorium period.
The bench, headed by Justice Ashok Bhushan, said it was the policy of the government not to look after the interests of the people but the interests of the business community. The reason for the suffering of the people is the lockdown announced by the government. Therefore, the apex court said that the central government could not hide behind the Reserve Bank without taking a decision.
Solicitor General Thushar Mehta told the court that the Reserve Bank and the central government were working together. Therefore, the Solicitor General pointed out that the Court’s reference to the Central Government hiding behind the RBI was incorrect. The apex court directed the central government to state its position on the matter within a week. The petition will be reconsidered on September 1.
