In the course of on-going proceedings of the Hon’ble Supreme Court of India in the case of Gajendra Sharma Vs. UoI (Union of India) and Others, many concerns were raised regarding the relief sought in terms of waiver of interest and waiver of interest on interest and other related issues. An Expert Committee for making an overall assessment was created by the Government of India so the decision taken by it will get better informed to the public.

The Expert Committee will include:

  1.  Shri Rajiv Mehrishi, former CAG of India – Chairperson.
  2.  Dr. Ravindra H. Dholakia, former Professor, IIM Ahmedabad & ex- Member, Monetary Policy Committee of Reserve Bank of India.
  3.  Shri B. Sriram, Former Managing Director, State Bank of India & IDBI Bank.

Committees Terms of reference will be as follows-

  • “Measuring the impact on the national economy and financial stability of waiving of interest and waiving of interest on interest on the COVID-19 related moratorium.
  • Suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard.
  • Any other suggestions/observations that may be necessary given the current situation.”

The Committee will consult banks or other stakeholders whenever it is necessary for the purpose and also the committee will submit its report within one week. State Bank of India will provide secretarial support to the committee.

With Warm Regards,

CL Bureau.

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