Govt waives ₹897cr penal interest on Cochin Port loans
The Cabinet Committee on Economic Affairs has given its approval to waive off penal interest worth ₹897.23 crore on government loans availed by the Cochin Port Trust, an official statement read on Wednesday. This comes amid steps taken by the trust to improve its financial conditions, apart from undertaking government-ordered measures such as a ban on recruitments and vehicle purchases.