Ans:
The requirements of availing ex gratia payments are that the outstanding loan amount of a business is not greater than ₹2 Crore and that that account is categorised as a Standard Account as of the 20th of Feb 2020.
This criterion indicates that all loans are treated as ‘non-performing assets’ on or before the 20th of Feb 2020.
Loans taken before this date are not eligible for ex gratia payments under the COVID-19. Ex-gratia Payment Scheme charges the difference between simple and compound interest ex gratia payments on ongoing loans.