PSU Banks may have to take 2,000 crore hit | Hybiz

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Public sector banks may have to bear a burden of Rs 1,800-2,000 crore arising due to a recent Supreme Court judgement on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020, sources said. The judgement covers loans above Rs 2 crore as loans below this got blanket interest on interest waiver in November last year. Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21 and the scheme covered all borrowers including the prompt one who did not avail moratorium. According to banking sources, initially 60% of borrowers availed moratorium and gradually the percentage came down to 40% and even less as collection improved with ease in lockdown. In case of corporate, this was as low as 25% as far as public sector banks were concerned.
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