However, there was ambiguity on whether interest on interest during this moratorium period would be charged. “All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline,” said the RBI in the notification. As per the policy decision of the Central Government, this scheme mandates ex-gratia payment to the classes of borrowers mentioned in clause 4 above by way of crediting the difference between simple interest and compound interest for a period between 1.3.2020 to 31.8.2020 by respective lending institutions mentioned in clause 3 above. | Converse India, Maharashtra Home Minister responds on Bhandara hospital tragedy; orders immediate probe, New train services between Bengaluru airport, city, Delhi’s air quality stands in ‘very poor’ category, JDU leader slams Chirag Paswan 'for misleading BJP voters', Increasingly isolated Trump threatened with 2nd impeachment, Know what will happen if you miss the ITR deadline, Over 96% of TCS employees continue to work from home, LIC booked Rs 33k cr profit from equity markets this fiscal, Gold futures slip over Rs 2,000 in a day; check latest spot, H-1B cap selection replaced with salary-based process, Musk added Rs 127 crore every hour to his wealth last year, RBI issues direction for ex-gratia payment of interest on interest, RBI to conduct ₹2 lakh reverse repo rate auction; bid to normalise liquidity management, RBI cautions customers against falling prey to unauthorised digital lending platforms, RBI appointed administrator on Karnataka co-operative bank scam; fails to submit audit, RBI MPC Minutes: There is a still continuous need to nurture and support growth, says RBI Governor. This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Kisan Credit Card. Issuing additional frequently asked questions (FAQs) on the 'scheme for grant of ex-gratia payment of difference between compound interest and simple interest', it said credit card dues outstanding as on February 29 would … Credit card dues are eligible for ex-gratia payment of the difference between simple interest and compound interest for the moratorium period of six months i.e March 1, 2020 till August 31, 2020. Ex-Gratia Payment Scheme. Ex-Gratia Payment Scheme. Ex-Gratia Scheme Payment of differential interest of 6 months 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." However, in the case of credit card dues, the government has clarified that the outstanding as on February 29 will be eligible for relief. Housing … Yes. | The Newshour Debate, India’s GDP in negative; Will we achieve PM Modi’s Aatmanirbharta target? Meanwhile, loans taken for agriculture and related sectors will not get the ex-gratia. Yes. 1.3.2020 to 31.8.2020, to the eligible borrowers in specified loan accounts, click here To read the detailed FAQs of the scheme, click here … Farm Mechanization Loan Tractor Loan Combine Harvestor Loan Drip Irrigation Loan. Yes. Credit card … The notification said, "The Government of India has announced the 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) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020, to August 31, 2020, by respective lending institutions. Is the loan eligible for ex-gratia payment under the scheme? The Ex-Gratia Payment Scheme is the payment of the difference between the Compound Interest and the Simple Interest for six months ending 31 August 2021 to borrowers in specified loan accounts. The guidelines came after the Supreme Court directed the Centre to implement interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme "as soon as possible" in view of the COVID-19 pandemic. loan eligible for ex-gratia payment under the scheme? Many users feel that the bank has made a mistake […] 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 … The Ex-Gratia Scheme was established in recognition of the UK Government’s gratitude for the service of Afghan interpreters, rather than any risk they may face. You may still get ex-gratia payment 3 min read. Loan accounts must be standard as of February 29, 2020. 15. Sunday, Jan 10, 2021 | Last Update : 06:53 AM IST, Government set November 5 as the deadline for banks to implement the waiver of 'interest on interest' scheme for six months. Ex-gratia of Rs. Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs.2 crores (aggregate of all the borrowings/ facilities from all the banks and financial Institutions) for the period from 1st March … What are the main features of the ex gratia to borrowers scheme? Scheme for grant of Ex-gratia payment of difference between compound interest and simple interest for six months to borrower in specified loan accounts (01.03.2020 to 31.08.2020) (2.85 MB) FAQ on COVID-19 Ex-gratia to borrowers for difference in interest dated 26.10.2020. Timelines for Credit Decisions; Base Rate & BPLR ; Queries ; GRIEVANCE PORTAL FOR SCHEME FOR GRANT OF EX-GRATIA PAYMENT Fields marked with * are mandatory. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March … The central government will incur an additional liability of Rs 6,500 crore for the implementation of the scheme. The government on October 23 had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. They are getting a message from the card issuing bank or institution these days that the money has been deposited in their account of the government’s EX Gratia Scheme. An ex-gratia payment will be credited to their loan accounts. Ex-gratia scheme 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) As per letter (F. No. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 14. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Gold Loan Multi Purpose Gold Loan. Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. Please note, Automobile Loans refers to all Vehicle Loans. 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