Covid-19 loan moratorium: RBI directive complied with, Bajaj Finance tells HC

KOCHI: Bajaj Finance Ltd on Monday informed the Kerala High Court that it is in compliance with the Reserve Bank of India (RBI) directive on moratorium on repayment of loans that was issued in view of COVID-19 crisis.
The submission by a counsel representing Bajaj Finance was in response to a petition (WP-C No. 10276/2020) filed by a couple from Thrissur alleging violation of the RBI’s directive on moratorium. In the plea filed through advocate Johnson Varikkappallil, they had questioned deduction of cheque bounce charges for EMIs for the month of April and May for the six different term loans availed by them from Patturaikkal branch in Thrissur.
During the hearing, Bajaj Finance’s counsel submitted that it is in compliance with the RBI directive and that the cheque bounce charges have been waived off. The charges were levied as no written request was received, the counsel submitted. The court closed the petition after recording the submission of the counsel representing Bajaj Finance.
In the petition, the couple cited the RBI directive of March 27th that commercial banks and non-banking financial companies should grant a moratorium of three months on payment of loan instalments that become due between March 1 and May 31. When Bajaj Finance contacted them to know whether they want to avail the benefit of the RBI’s directive, they had informed that they wish to do so, the petition had stated.