New Delhi: The government on Wednesday approved the sanctions of RS 973.74 Crore to the State Bank of India (SBI) as a replacement related to the loan moratorium implemented by 2020 in the middle of a pandemic.
Briefing Media on Cabinet Decisions, Information and Broadcasting Minister Anurag Singh Thakur said the budget has made the provisions of the RS 5,500 Crore for the ex-gratia payment scheme of differences between compound interest and simple interest for certain borrowers.
Of this amount, Rs 4,626 crore payments were made at 2020-21, he said, added, additional claims of Rs 1,846 Crore were waiting.
To delete this, he said, the cabinet of unions had agreed to sanctions on the remaining Rs 973.74 Crore to SBI to payment of this contribution.
On March 27, 2020, the RBI announced a loan moratorium on payment of installments of futures in installments due to March 1 and 31 May 2020, due to a pandemic.
Then, the same extended until August 31.
Financial and non-banking financial institutions are asked to credit differences between simple compounds and flowers collected on loans until Rs 2 Crore during the moratorium scheme on November 30, 2020.
The Ministry of Finance has said that after crediting this number, loan institutions will claim replacement from the Central Government .
SBI made nodal agents for claims replacement.