In response to various concerns raised by the Supreme Court on waiver of interest and other related issues, the Central government has constituted an expert committee to assist the government for assessing relief to borrowers.
Rajiv Mehrishi, former CAG of India is the chairperson and Ravindra H. Dholakia, former Professor, IIM-Ahmedabad, and ex-Member, Monetary Policy Committee of Reserve Bank of India, B. Sriram, former Managing Director, State Bank of India and IDBI Bank, are members.
The committee will measure the impact on the national economy and financial stability of waiving interest and waiving interest on interest on the COVID-19 related moratorium, provide suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard and offer any other suggestions/observations that may be necessary given the current situation.
The committee will submit its report within one week. State Bank of India will provide secretarial support to the committee.