Loan moratorium: How to know if bank has credited ‘interest on interest’ refund

India Today | Nov 5, 2020 at 6:48 AM
  • All banks and financial institutions in the country have started refunding eligible borrowers for the ‘interest on interest’ or compound interest charged during the loan moratorium period, as directed by the government.
  • The Reserve Bank of India then asked all banks in the country to refund the difference between simple and compound interest to all eligible borrowers under the scheme.
  • As soon as the banks and financial institutions complete the process of crediting the interest on interest waiver, they can claim a reimbursement from the government.