Check your bank statement right now, have you recieved cashback from your loan provider?

New Delhi: New Delhi: In what would further cheer up the festive spirit of the borrowers, banks have started crediting the difference between compound interest and simple interest in the account of borrowers for the specified loan accounts during the moratorium period.

News Agency PTI has reported that some banks have started the process of cashback. “Dear customer credited COVID-19 Relief ex-gratia of … On November 3 to your account,” PTI quoting a message from a public sector bank to a customer said.

Last week, the Reserve Bank had asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.

On October 23, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions.