News Bureau

RBI announces Scheme for grant of ex-gratia payment!

RBO announced further the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts from March 1, 2020 to August 31, 2020.

The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) on October 23, 2020.

The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period during March 1, 2020 to August 31, 2020 by respective lending institutions.

The details of the Scheme are available at RBI & banks! All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline is being informed by RBI.

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