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HC directs RBI to enforce recovery package contained in its Circular giving relief to borrowers

July 31, 2020[2020] 117 973 (Karnataka)

FEMA, BANKING AND INSURANCE : Where in view of financial condition caused by N-Covid 19 to ease financial stress, RBI issued a Circular dated 27-3-2002 which contained detailed instructions as regards Regulatory Package permitting lending institutions to grant a moratorium of three months on payment of all term loan instalments falling due between 1-3-2020 and 31-5-2020, writ of mandamus could be issued against banks to implement Circular issued by RBI and RBI was to be directed to enforce recovery package as contained in Circular dated 27-3-2020 issued by it

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