Government of India has constituted an Expert Committee for making an overall assessment of relief to bank borrowers related to waiver of interest and waiver of interest on interest on the COVID-19 related moratorium. 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 Expert Committee shall be as under:
- Rajiv Mehrishi, former CAG of India – Chairperson
- Ravindra H. Dholakia, former Professor, IIM Ahmedabad & ex- Member, Monetary Policy Committee of Reserve Bank of India
- B. Sriram, Former Managing Director, State Bank of India & IDBI Bank
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.