Several businesses were hit badly, following the outbreak of COVID-19 and the subsequent lockdown.
With the job market being shaky due to the above mentioned reasons, the Reserve Bank of India (RBI) had on March 27 issued a circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31, 2020, due to the pandemic.
Later, the moratorium was extended till August 31 this year.
New Delhi, Oct 05: The Supreme Court Monday asked the Centre and the RBI to place on record the K V Kamath committee recommendation on debt restructuring due to COVID-19 related stress on various sectors as also the notifications and circulars issued by them so far on the issue of loan moratorium.
The apex court”s direction came after the Finance Ministry decided to grant relief to individual borrowers as well as medium and small industries by agreeing to waive compound interest (interest on interest) charged on loans of up to Rs 2 crores for a six-month moratorium period announced due to the pandemic.
New Delhi, Jan 08: The government has told the Supreme Court it would look into allegations that the Reserve Bank of India’s Jammu branch had exchanged currency notes to the tune of Rs 30 crore that were embossed with Kashmiri separatist slogans.
The court sought to know if the central agencies had done anything on the issue. The allegation was made in a PIL that was filed by one Satish Bharadwaj.
A letter dated July 26, 2014, written by the India Bullion and Jewellers Association (IBJA) to the then Governor of the Reserve Bank of India, Raghuram Rajan had accused the UPA government of deliberately yielding to cronies by changing the gold policy days before demitting office.
The Reserve Bank of India which has undertaken an assessment of control systems at the scam-hit Punjab National Bank said that it would take appropriate supervisory action.
Islamic banking will not be introduced in India. The RBI decided not to pursue a proposal for Islamic banking in the country.
Almost 99 per cent of the demonetised currency notes has returned to the banking system. This was an indication given by the RBI which put out data on its website. According to the data on the Rs 1,000 notes, almost 99 per cent of the currency in circulation came back into the banking system.
The new Rs 200 denomination notes will be introduced tomorrow. A specimen of the new note will be introduced tomorrow by the Reserve Bank of India. It would be in circulation from the month end or early September.
The Reserve Bank of India said it would shortly issue the new Rs 50 notes. All bank notes in the denomination of Rs 50 issued by the RBI in the earlier series will continue to be legal tender. The new Rs 50 notes will have the motif of Hampi and a chariot on the reverse. The RBI says this would represent the heritage of the country.
The government is likely to stop issuing the new Rs 2,000 note soon. Reports suggested that the RBI has stopped the printing of the Rs 2,000 notes that were introduced in November last year. Instead the RBI has increased the printing of the other denomination notes which includes the Rs 200 notes. The Rs 200 notes have been in print for a while and will be in circulation soon.
