The supreme court had addressed the concern on:
- Measures taken by Reserve Bank to address the economic fallout of covid-19 and their impact
- Guidelines permitted Moratorium on debt repayments.
- Resolution Framework for covid-19 related stress.
- NPA Classification
The banking regulator fled the affidavit in pursuance to the Supreme Court’s order asking the Centre and the RBI to place on record the KV Kamath committee recommendations on debt restructuring because of COVID-19 pandamic related stress on various sectors as well as the notifications and circulars issued so far on loan moratorium.
By circular dated August 6 2020 the RBI has filed a consolidated reply before Supreme Court saying
“Reserve Bank of India has taken a balanced view, taking into account the interest of the depositors, borrowers, real sector entities and banks. Financial stability and economic growth of the country were also kept in mind while arriving at its policy decisions by the Reserve Bank. All the issues that were advanced by the petitioners have been adequately addressed. There is no scope for further grievance for the petitioners”.
The Supreme Court is scheduled to hear the matter on October 13.