SC directs RBI to ensure its moratorium circular is implemented in letter, spirit

A Bench headed by Justice N V Ramana, which heard a plea that claimed the March 27 circular of the RBI has not been implemented by banks, said “in view of the above, we direct the Reserve Bank of India to ensure implementation of the Circular dated 27.03.2020 in its letter and spirit”.

The Supreme Court on Thursday expressed doubts on whether banks were passing on the reliefs announced by the RBI to borrowers in the wake of the COVID-19 pandemic and nationwide lockdown, and asked the apex bank to ensure compliance.

A Bench headed by Justice N V Ramana, which heard a plea that claimed the March 27 circular of the RBI has not been implemented by banks, said “in view of the above, we direct the Reserve Bank of India to ensure implementation of the Circular dated 27.03.2020 in its letter and spirit”.

The plea urged the court to set aside the circular.

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But the Bench, also comprising Justices S K Kaul and B R Gavai, which heard a clutch of PILs related to RBI circular via video conferencing, refused to interfere after noting none of the petitioners were personally aggrieved.

Meanwhile, the RBI extended regulatory benefits to all banks including those deploying their own resources to extend liquidity support to the mutual funds under the Special Liquidity Facility for Mutual Funds (SLF-MF) scheme. It also permitted banks to file regulatory returns with a delay of up to 30 days from the due date as several entities face difficulties in timely submission in view of the disruptions on account of the outbreak. —With PTI

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