Basically, this scheme grants ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period starting from March 1st - August 31st 2020 to borrowers in specified loan accounts. NEW DELHI: In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest … The Ex-Gratia Payment Scheme is the payment of the difference between the Compound Interest and the Simple Interest for six months ending 31 August 2021 to borrowers in specified loan accounts. An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. # Will I get the Ex-Gratia interest refund if my loan account is NPA? Ex-Gratia On Loan Moratorium Applicable For All. This is being credited to all folks whether they availed the moratorium or not. 1. The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme on or before 5.11.2020. What is the ex gratia payment to the borrower under the scheme announced by the Government of India (GOI)? No. 2. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. At the start of this month, some credit card providers surprised their customers as they credited the government’s ex-gratia … The Banks/Lending institution will provide Ex-Gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts for the period from 01-03-2020 to 31-08-2020 (6 months/184 days). The loan should not be a “Non-Performing Asset” (NPA) as on 29.02.2020 to be eligible for the said relief. # What is the last date for raising queries relating to Ex-Gratia? Last Friday, 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. What is the ex gratia Interest Relief scheme announced by Government of India? 1) The scheme mandates ex-gratia payment by way of crediting the difference between compound interest and simple interest for the the period of six months — 1 March, 2020- 31 August, 2020. Interest waiver: Outstanding as of Feb 29 to be reference for ex gratia relief 28 Oct, 2020, 05.20 PM IST. Any requests and queries for Ex-Gratia interest refund will be taken until 30th Nov’20.