M. Hyder Ali v. Regional Director, Reserve Bank of India
2016-02-04
M.M.SUNDRESH, SANJAY KISHAN KAUL
body2016
DigiLaw.ai
ORDER : 1. Counter affidavit has been filed by the first respondent/Reserve Bank of India stating that the moratorium period for different lengths of time has been given depending on the nature of the loan. In this behalf, reliance has been placed on the Master circular dated 18.12.2015 read with minutes of the meeting of the State level Bankers Committee held on 07.02.2015. For convenience of reference, the relief package is set out in Page-14 as under: ''Housing Loan: (a) Reschedulement of the existing loans in the affected areas with 1 year moratorium. (b) Top up loans for repairs and renovation up to 25% of the loan limit with a ceiling of Rs. 5.00 lacs, repayable in 5 years including a moratorium of 1 year. (c) Interest rate at Base Rate will be charged. Vehicle Loan: (a) Reschedulement of the existing loans in the affected areas with 6 months moratorium. (b) Top up loans up to 25% of the loan limit or 100,000/- whichever is less repayable in 36 months including a moratorium of 6 months. (c) Interest rate at Base Rate will be charged. Education Loans: (a) A moratorium of 6 months for loans in affected areas where repayment has commenced. Consumption Loans: (a) Reschedulement of the existing loans in the affected areas with 6 months moratorium. (b) Repayable in 30 months. (c) Interest rate at Base Rate will be charged. (d) The overdraft under PMJDY may be increased up to Rs. 10,000/- as against the present level of maximum of Rs. 5000/- keeping other conditions stipulated by IBA as same except maximum limit as Rs. 10,000/- to be arrived at as per eligibility. (e) The fresh consumption loans may be considered up to Rs. 1.00 lac as against the originally proposed limit of Rs. 10,000/- for purchase of household articles damaged by floods at concessional rate.'' 2. A communication dated 25.12.2015 has also been issued by the State Government notifying that the Government of India has declared the recent devastation caused due to torrential rains and floods in Tamil Nadu as Calamity of severe nature. 3. In view of the aforesaid stand of the first respondent/RBI, the proposal of the petitioner in a sense stands adopted. 4. The writ petition stands closed. No costs.