Did not ignore plight of borrowers, Centre tells Supreme Court -Krishnadas Rajagopal

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published Published on Nov 19, 2020   modified Modified on Nov 20, 2020

-The Hindu

Financial packages in place as early as March, court told

The Centre took strong objection to averments made in the Supreme Court on Thursday that it would not have budged to protect borrowers from financial ruin triggered by the COVID-19 lockdown, had the court not intervened on time.

Appearing before a Bench led by Justice Ashok Bhushan, Solicitor General Tushar Mehta said submissions like that were painted in “political colour”.

Mr. Mehta said financial packages were in place as early as in March, during the advent of the COVID-19 virus, to help citizens sail through the economic backlash.

“We had started immediately with the financial packages in March,” Mr. Mehta emphasised.

The court was hearing individual borrowers, power, industry and business sectors on the compound interest or interest-on-interest pay-back scheme introduced by the government and the Reserve Bank of India (RBI) for borrowers struggling to make ends meet after the expiry of the six-month moratorium period on August 31.

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The Hindu, 19 November, 2020, https://www.thehindu.com/news/national/did-not-ignore-plight-of-borrowers-centre-to-sc/article33132889.ece?homepage=true&fbclid=IwAR311cUwE64LbI47gzzj_U-FYCNbu74e0vSohZrm5X4vjVnvZxDcCzKGzbU

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