The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks. A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months, the IANS report said.
Bajaj Finance, RBL Bank, Cholamandalam Investment and Finance Company, Shriram Transport Finance, Mahindra & Mahindra Financial Services, PNB Housing Finance and Indian Overseas Bank bounced back over 10 per cent from their respective day’s low on the BSE.
At 02:53 pm; the S&P BSE Finance index was up 1.04 per cent at 4,742 points, as compared to 0.65 per cent rise in the S&P BSE Sensex. The S&P BSE Finance index recovered 5.7 per cent from its intra-day low of 4,485 it hit before the Supreme Court decision.