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New Delhi : Concerns have been raised during the proceedings of the ongoing hearing in the Supreme Court of India in the matter of Gajendra Sharma Vs. UoI and Others, on the matter regarding the relief sought in terms of waiver of interest and waiver of interest on interest and other related issues.
The Government has accordingly constituted an Expert Committee for making an overall assessment so that its decisions in this regard are better informed.
The Expert Committee shall be as under:
(i) Rajiv Mehrishi, former CAG of India – Chairperson
(ii) Dr Ravindra H Dholakia, former Professor, IIM Ahmedabad & ex- Member, Monetary Policy Committee of Reserve Bank of India
(iii) B Sriram, Former Managing Director, State Bank of India & IDBI Bank
The terms of reference of the committee shall be as under:
(i) 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
(ii) Suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard
(iii) Any other suggestions/observations that may be necessary given in the current situation.
The committee will submit its report within one week. 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, according to a PIB release