Lower EMIs, credit card dues: Banks to repay interest even if borrowers have not applied for moratorium

In a huge relief to borrowers on loans not repaid during the 6-month moratorium (March to August), the Modi government has announced a scheme for ex gratia payment to borrowers. Under this scheme, banks and financial institutions will reimburse the differential between compound and simple interests. In other words, the government has announced to waive interest on interest on loans.

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