Here, in this Interest Cashback Scheme on Loan Moratorium, lenders will calculate compound interest on monthly rests at the rate as on 29th Feb 2020 for 6 months. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement 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). (function(){for(var g="function"==typeof Object.defineProperties?Object.defineProperty:function(b,c,a){if(a.get||a.set)throw new TypeError("ES3 does not support getters and setters. The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. The account should be classified as “Standard” as on Feb 29, 2020. No. The scheme provides that the exercise of crediting the amount under the scheme shall be completed by respective lending institutions on or before 05 th November 2020. A more widely held view was that the awards ought to be below the level of an award that would be made by a court where liability was established. (Prakash Baliarsingh) Chief General Manager. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy. What is the ex gratia payment to the borrower under the scheme announced by GoI? Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme. To bring financial relief to borrowers in the view of Covid-19 situation, RBI along with Department of Financial services has introduced a "Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts." ":"&")+"url="+encodeURIComponent(b)),f.setRequestHeader("Content-Type","application/x-www-form-urlencoded"),f.send(a))}}}function B(){var b={},c;c=document.getElementsByTagName("IMG");if(!c.length)return{};var a=c[0];if(! Ex Gratia Payment is a scheme announced by Government of India for the payment of the difference between compound interest and simple interest for six months to the borrowers on loan accounts with sanctioned limits and outstanding upto Rs. or correctness of any of the statements or representation made or opinion expressed An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. by the Company. Whether eligible accounts foreclosed during the period of 1.3.2020 to 8.2020 are covered under the scheme? On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement 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). RBI/2020-21/61DOR.No.BP.BC.26/21.04.048/2020-21, All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks All All-India Financial Institutions All Non-Banking Financial Companies (including Housing Finance Companies), 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). Small step into social media 2020 to 31st August 2020, i.e the reckoned! And devices ; it also meets accessibility standards in line with awards that would be made a. Check Out the Benefits in Numbers devices ; it also meets accessibility standards services further has been cancelled as 1. Loans, personal loans and credit cards NHB ) vide Certificate of Registration ( CoR no... 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