The scheme mandates the ex-gratia payment to specific borrowers’ categories by crediting the difference between simple interest and compound interest between March 1, 2020, to August 31, 2020 , by the respective lending institutions. You may still get ex-gratia payment 3 min read. 2 crores (aggregate of all the borrowings/ facilities from all the banks and financial Institutions) for the period … Loans for consumption purposes (e.g., social ceremonies, etc.) Ex-Gratia Payment Scheme. Therefore, there will be no 'interest on interest'. Ex Gratia Payment is a scheme announced by Government of India for the payment of the difference between compound interest and simple interest for six months to the borrowers on loan accounts with sanctioned limits and outstanding upto Rs. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for … On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement 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). Timelines for Credit Decisions; Base Rate & BPLR ; Queries ; GRIEVANCE PORTAL FOR SCHEME FOR GRANT OF EX-GRATIA PAYMENT Fields marked with * are mandatory. 6 months period / 184 days. Yes, the Ex-gratia Scheme clearly specifies that all the eligible loan accounts, whether moratorium benefit is completely availed, or partially availed, or not have been availed at all shall be eligible for ex-gratia payment under the scheme. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. F. No.2/12/2020 – BOA.I dated 23rd October, 2020), for grant of ex-gratia payment of difference between compound interest and simple interest for six months i.e. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme The scheme is eligible for those borrowers, who have taken loans before February 29, this year, and the compound interest charged from March 1, 2020, to August 31st, 2020, will get waived off. 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. Loans for consumption purposes (e.g., social ceremonies, etc.) EX Gratia Scheme of Govt of India: Credit card holders are getting good news these days. Loan accounts must be standard as of February 29, 2020. Yes. However, there was ambiguity on whether interest on interest during this moratorium period would be charged. The main features / highlights of the scheme are as under: ... No. 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. | 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. 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. 25,00,000/- may be given after sanction of DRM in consultation with associate finance: Railway Board loan eligible for ex-gratia payment under the scheme? “After crediting the said amount in the respective accounts of eligible borrowers, the lending institutions would claim reimbursement from the Central government through the nodal agency of State Bank of India as stipulated under the scheme," the Centre added. Ex-gratia of Rs. 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. Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. loan eligible for ex-gratia payment under the scheme? 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 … 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. Yes. are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. The lender will have to credit the amount to the account of the borrower on or before 5 November, giving relief to borrowers ahead of Diwali. | The Newshour Debate, India’s GDP in negative; Will we achieve PM Modi’s Aatmanirbharta target? What is the ex-gratia payment to the borrower scheme announced by Govt. COVID-19 EX GRATIA SCHEME. BP.BC.47/21.04.048/ 2019-20, dated 27.3.2020 and extended on 23.5.2020. 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. The central bank’s notification has come after the government set November 5 as the deadline for banks to implement the waiver of 'interest on interest' scheme for six months. New Delhi: In a major relief for borrowers, the finance ministry on Saturday approved a waiver of interest on interest or … Credit card … Loan accounts should be Standard in the books of the lending institutions as on 29.02.2020. What is the time-period for credit/payment of ex-gratia amount by the lender? (108 KB) Gold Loan Multi Purpose Gold Loan. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. 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. Miscellaneous Activities Produce Marketing Loan Setting up of Agri Clinic and Agri Business centres Land Purchase Scheme SBI Krishak Uthan Yojna Scheme for Debt Swapping of borrowers … Main features of the ex gratia payment Scheme: Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. However, in the case of credit card dues, the government has clarified that the outstanding as on February 29 will be eligible for relief. 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. The scheme 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. are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. The Government of India has announced a scheme for grant of ex-gratia payment. The government on October 23 had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for … 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. What does interest waiver for your credit card dues mean | Photo Credit: Thinkstock . The Ex-Gratia payment under this scheme shall be applicable if you fall under below categories: (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI ride its circular DOR. This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). The Government of India has announced 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 (01.03.2020 to 31.08.2020) (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 … 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 … The central government will incur an additional liability of Rs 6,500 crore for the implementation of the scheme. All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline.". Considering the Covid 19 Pandemic, the Reserve Bank of India has initiated the Ex Gratia Payment Scheme. Housing … The petitioner requested the apex court that no interest should be charged during the moratorium. Here are the FAQs. No. Does this Ex-gratia Scheme mean that no-interest will be charged by the banks for the period of Mar 1, 2020 till Aug 31, 2020 on eligible loan accounts? Mobile No. The central government will incur an additional liability of Rs 6,500 crore for the implementation of the scheme. What are the key features of the ex-gratia payment scheme? The accounts should be standard as on February 29 and not under default The scheme will be valid for borrowers who availed the moratorium fully, partially or not at all. No, this Ex-gratia scheme is in the form of grant of interest on interest in the specified loan account category, irrespective of whether moratorium benefit was extended/availed … New Delhi: Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Grant of Ex-gratia Scheme to borrowers. It is worth mentioning that while interest on interest waiver will be applicable to borrowers who availed the loan moratorium fully or partially, those who did not avail it will also benefit from the government’s compound interest waiver scheme. (Maximum 10 Words) * Complaint Details; Category of Complaint * Type of Loan * Please give brief details of your … (aggregate of all facilities with all the lending institutions, excluding Non-Fund based facilities) as on February 29, 2020 are eligible. ... NBFC, housing finance company, credit card issuer) to avail the benefit. Note that in an early Diwali gift to borrowers, the Finance Ministry last week approved guidelines for the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore. 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 (01-03-2020 to 31-08-2020) (the ‘Scheme’) on 23-10-2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest … Format For Submission Of Information By Lending Institutions; Statutory Auditor Certificate Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Is Customer * Account Number (Maximum 16 Words) * Name of Complaint * E-Mail : Zone Code. “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. ( e.g., social ceremonies, etc. lender can claim reimbursement from Govt! 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