India

Centre Sanctions Over Rs 973 Crore As Housing Loan Moratorium To Borrowers

Published by
OB Bureau

New Delhi: In a relief to people who have availed home loans, the Centre on Wednesday sanctioned Rs 973.74 crore ex gratia to the SBI as reimbursement related to loan moratorium.

The Union Cabinet at a meeting chaired by Prime Minister Narendra Modi approved the payment as a relief to the borrowers affected by COVID pandemic and subsequent lockdown. It pertains to remaining claims submitted by Lending Institutions (LIs) under 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 from March 1, 2020 to August 31, 2020, when India was hit hard by the pandemic, TNIE quoted Finance Ministry as stating.

According to sources, about 1,612 LIs have 23,89,30,080 beneficiaries with a claim of Rs 6,473.74 crore, out of which Rs 5,500 crore was disbursed earlier, and claims of Rs 973.74 crore was pending.

Due to the pandemic, 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 from March 1, 2020 to August 31, 2020 was approved by the Cabinet in October 2020, envisaging an outlay of Rs 5,500 crore.

Budget allocation of Rs 5,500 crore was made for the scheme in 2020-2021 financial year. The amount of Rs 5,500 crore, as approved by the Cabinet, has been disbursed to SBI, the nodal agency under the scheme, for reimbursement to lending institutions.

OB Bureau

Recent Posts

‘Misinformation & Blatant Lies’: Jagannath Temple Sevayats Move HC Over Puri Heritage Corridor Project

Cuttack: Amid the allegations of illegality in the implementation of the Puri Heritage Corridor Project, five…

May 23, 2022

Saudi Arabia Bans Citizens From Travelling To India & 15 Other Countries; Know Why

New Delhi: Saudi Arabia has barred its citizens from travelling to India and 15 other…

May 23, 2022

Dutee Chand Targets Odisha Govt Again: ‘Yet To Receive Land I Was Promised’

Bhubaneswar: Odisha’s sprint queen Dutee Chand has faced off with the state government once again.…

May 23, 2022

Heavy Rain To Lash Cuttack & 3 Other Dists Tomorrow, Alert Issued For Thunderstorm, Gusty Wind@50Kmph

Bhubaneswar: While the cyclonic circulation over coastal Odisha and neighbourhood has become less marked, some…

May 23, 2022

Modi’s Op-Ed On India-Japan Ties, Carried In Japanese Language; Check Here

New Delhi: Prime Minister Narendra Modi, who on Monday arrived in Japan on a two-day…

May 23, 2022

Chargesheet Filed Against 7 SCB Doctors In Lawyer Assault Case

Cuttack: Mangalabag police here have filed chargesheet against seven doctors of SCB Medical College and…

May 23, 2022