[ad_1] MUMBAI: The banks are relieved by the government notification that only waives compound interest, because this will limit their losses without burdening the tax authorities too much. On Tuesday, the Reserve Bank of India (RBI) issued a notice directing banks to follow the government’s order reimbursing small borrowers with loans of up to Rs […]
[ad_1] The government Compound Interest Waiver Plan applies to all retail loans below ₹ 2 crore, whether or not they have benefited from the moratorium in the six months between March and August. The government will grant these borrowers an ex gratia payment of the difference between the compound interest due and simple interest. This […]
[ad_1] To provide relief to small borrowers, the Center implemented the much anticipated Compound Interest Waiver Plan. Relief will be paid to the borrower in the form of an ex gratia payment of the difference between compound interest and simple interest for six months (March 1 to August 30). So how does the scheme work? […]
The Government of India has issued guidelines for banks to implement waiver of compound interest or interest on interest for a period of six months between March and August 2020. The Reserve Bank of India had proposed a moratorium on repayments during those six months to help mitigate the impact of the Covid-19 crisis, but […]
[ad_1] Search for quotes, news, net asset values ​​of mutual funds Paras Defense INE045601015, PARAS, 543367 zee entertain INE256A01028, ZEEL, 505537 Addiction INE002A01018, RELIANCE, 500325 TIC INE154A01025, ITC, 500875 Fluid-Air India ,, 531753 Search for quotes, news, net asset values ​​of mutual funds Paras Defense INE045601015, PARAS, 543367 zee entertain INE256A01028, ZEEL, 505537 Addiction INE002A01018, […]
[ad_1] Compound interest occurs when interest previously earned is added to the amount of principal invested or borrowed. It is commonly described as “interest earned on interest”. Compound interest can work to your advantage as your investments grow over time, but against you if you are paying off debt, like credit cards. If you are […]
[ad_1] File photo of Union Finance Minister Nirmala Sitharaman | ANI Text size: A- A + New Delhi: To relieve individual borrowers and medium and small industries, the Center agreed in the Supreme Court to waive compound interest (interest on interest) charged on loans up to Rs 2 crores for a six-month moratorium period announced […]