New Delhi: Union Cabinet on Wednesday approved an additional RS 974 Crore for interest payments for the period of a six-month Covid loan moratorium, taking total support at almost Rs 6,500 Crore.
For some categories of loans up rs 2 crore – given to MSMEs or as housing, education, personal or automatic loans – the government has provided Rs 5,500 Crore in the budget for the current financial year.
But overall claims now add up to RS 6,474 Crore, requiring additional provisions in the budget, which is cleaned by the Union Cabinet, the official statement said.
According to official data, around 1,612 lenders have filed their claims to the state of the state of India, which is a nodal body, with the number of accounts covered by the scheme that adds almost 24 crores.
“By providing ex-gratia payments the differences between compound interest and simple interest during the six-month moratorium period to the depressed / vulnerable borrower category, regardless of whether the borrower has utilized the moratorium or not, this scheme will help the small borrower bear stress on the story of pandemic and return Stand up, “said the statement.