Money & Banking

Stress predates Covid: Bankers tell Supreme Court

Our Legal Correspondent New Delhi | Updated on December 16, 2020 Published on December 16, 2020

The Reserve Bank of India (RBI) on Wednesday said in the Supreme Court that there has not been a single case of Covid-related financial stress to which banks have shown an “apathetic” attitude.

A three-judge Bench led by Justice Ashok Bhushan was hearing several pleas by industry and business sectors, including power and real estate, to extend the moratorium or even waive the interest on their debts due to losses incurred during the pandemic.

The Indian Banks Association, represented by senior advocate Harish Salve, said the pleas extend beyond the financial stress caused by the pandemic. He asked whether some of these sectors have placed on record anything to reveal how wobbly they were even before the pandemic.

The court will resume the hearing today.

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Published on December 16, 2020
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