Opinion | Collections and dispute resolution - hope, faith and more for lenders6 min read . Updated: 13 Sep 2020, 11:28 AM IST
- As a greater number of disputes are expected to flood the market in the aftermath of this healthcare crisis, online dispute resolution is probably the missing piece in the digital transformation journey
The Reserve Bank of India (RBI) announced the three-month loan moratorium beginning 1 March to help businesses and individuals fight the cash crunch owing to the outbreak of the covid-19 pandemic. Subsequently, the RBI extended it by three months which expired on 31 August. Several parties approached the Supreme Court of India seeking a further extension. The apex court is dealing with two other crucial issues -- no interest payment on loans during the moratorium period and no interest to be charged on interest. The court has asked all parties to maintain status-quo on the loan repayment moratorium till 28 September, when it will give its verdict. Meanwhile, the government has appointed a special committee to assess the impact of any further waiver of interest, etc on the banking system.