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Saving face can be an expensive business

Interest waiver relief was a complete waste of taxpayers' money. It only enabled the government to provide the Supreme Court judges a face-saving way out of the mess of their own making

bank, credit, growth, loans, funding, capital, cash, m&a, payment

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4 min read Last Updated : Nov 22 2020 | 9:55 PM IST

“Your credit card XXXX9999 is credited with ex-gratia amount of Rs 12.45 on November 4, 2020, under scheme announced by government of India. Read FAQ on this link”. This SMS message from my credit card issuing bank caught my attention — both because it was unexpected and because the amount of relief offered was meagre.

But looking back I should not have been surprised — either about receiving the relief or its meagreness (refer to my column dated October 11: bit.ly/2ULokbV). It’s a great idea to provide the benefit even to those borrowers who did not avail the

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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