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New Delhi: The Ministry of Finance has constituted a three-member Expert Committee under the chairmanship of former Comptroller and Auditor General of India, Rajiv Mehrishi, to assess relief to bank borrowers. The other members of the Committee are Dr. Ravindra H. Dholakia, former professor, Indian Institute of Management, Ahmedabad and ex- Member, Monetary Policy Committee of Reserve Bank of India, and B. Sriram, former Managing Director, State Bank of India & IDBI Bank.
The decision to this effect was taken following various concerns raised during the proceedings of the ongoing hearing in Supreme Court of India, in the matter of Gajendra Sharma Versus Union of India and Others, of the matter regarding the relief sought in terms of waiver of interest and waiver of interest on interest and other related issues.
“Government has accordingly constituted an Expert Committee for making an overall assessment so that its decisions in this regard are better informed,” the ministry stated here on Thursday.
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The terms of reference of the committee shall be as under:
- 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 has been asked to submit its report within one week and State Bank of India will provide secretarial support to the committee. The Committee may consult banks or other stakeholders, as deemed necessary, for the purpose, the Ministry stated.
– globalbihari bureau
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