2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SEBI
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SIDBI
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SBI
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RBI
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Detailed explanation-1: -As per the RBI website, some of the banks that are currently under moratorium are Garha Co-operative Bank Ltd., Guna, Madhya Pradesh, Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka, Independence Co-operative Bank Ltd, Nashik, Maharashtra etc.
Detailed explanation-2: -One of the most important benefits of a loan moratorium is that it doesn’t impact your credit score negatively. Simply put, the non-payment of loans through regular instalments does not impact a borrower’s credit score in an adverse manner.
Detailed explanation-3: -1) The government will now have to compensate banks for not charging an interest on interest on all loans during the moratorium period. As per rating agency ICRA, the interest on interest for a period of six months is expected to be ₹13, 500-14, 000 crore.
Detailed explanation-4: -Moratorium just deferments your credit card dues, it isn’t a waiver for your repayment obligation. Interest will keep accruing, and you will have to pay the entire outstanding amount (inclusive of the interest charges) on the due date immediately after the moratorium period completes.