New Delhi, 19 January: The Union Cabinet has approved the payment of 973.74 crore claims related to payment of difference of compound interest and simple interest to lenders in lieu of exemption given to give relief from interest payment for six months during the Corona period last year.
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the payment of balance claims submitted by Lending Institutions (LIs) under the Scheme of Ex-gratia Payment.
Union Minister Anurag Thakur gave this information in a press conference. The scheme for ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in loan accounts (March 1, 2020 to August 31, 2020) due to the COVID-19 pandemic was approved by the Cabinet in October, 2020. A budgetary provision of Rs 5,500 crore was made for this.
The State Bank of India (SBI) has informed that it has received consolidated claims of about Rs 6,473.74 crore from lending institutions. The government has already given Rs 5,500 crore to the SBI, so now the balance amount of Rs 973.74 crore has been approved.
