The Federal Reserve Bank on Tuesday asked all lending banks and non-banking financial companies, to make sure that the scheme of waiver of interest on interest for loans up to ₹ 2 crore for the six-month moratorium period is implemented by November 5 , as decided by the govt .
The lending institutions are asked to finish the exercise of crediting the quantity within the accounts of borrowers by November 5 .By November 5 On Interest Scheme RBI Asks Lenders To Implement Waiver Of Interest
“All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline,” the RBI said during a notification.
The lending institutions after crediting the quantity will claim the reimbursement from the central government.
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