Top Court Notice To Centre, RBI On Plea Against Interest Amid Moratorium

The Supreme Court issued notice Tuesday to the Centre and Reserve Bank of India (RBI) on a plea challenging the decision to levy interest on loans despite the moratorium on repayment in view of the extended national lockdown.

A bench of Justices Ashok Bhushan, S K Kaul and B R Gavai issued notice on the plea by Gajendra Sharma, owner of an optical shop in Agra, who said “this action of imposition of interest during the moratorium period is completely devastating, wrong” and has caused “hindrance” and obstructed his “right to life” guaranteed by Article 21 of the Constitution.

Solicitor General Tushar Mehta said he will take instructions on the matter. It will be heard again after two weeks.