Leading banks such as Indian Overseas Bank, Indian Bank, UCO Bank, Canara Bank, Punjab & Sind Bank, Syndicate Bank, and the IDBI Bank informed their customers on Twitter.
New Delhi| After Reserve Bank of India’s instructions, several leading banks in India have provided three months moratorium for their customers on payment of EMIs, interest on loans, etc during the lockdown amid coronavirus crisis.
The central bank had recently planned to cushion both borrowers and lenders amid the unprecedented economic disturbance due to Covid-19 and allowed the banks to provide three months moratorium on loan payments.
The RBI on Friday had said, “All commercial banks, NBFCs (nonbanking finance companies), all-India financial institutions are permitted to grant a moratorium of three months on payment of all installments falling due between March 1, 2020, and May 31, 2020.”
It has also given the banks a breathing space on tagging defaulters in case the customers skip payments of the loans. RBI said that All term loans, including agricultural term loans, retail and crop loans, and working capital payments will be covered under this moratorium.
RBI had further added, “The repayment schedule for such loans as also the residual tenor will be shifted across the board by three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.”
Leading banks such as Indian Overseas Bank, Indian Bank, UCO Bank, Canara Bank, Punjab & Sind Bank, Syndicate Bank, and the IDBI Bank posted on Twitter informing their customers that they have provided three months moratorium on payments of loans, loan interests, term loans, etc.
In terms of Covid 19- RBI package, borrowers are eligible for moratorium/ deferment of installments/EMI for Term loans falling due from 01.03.2020 to 31.05.2020 & repayment period gets extended accordingly. SMS also has been sent to customers to avail the same. @DFS_India #COVID pic.twitter.com/NGuw1pARiv
— Canara Bank (@canarabank) March 31, 2020
EMIs of housing loan, vehicle loans, MSME loans and payment of all other term loans falling due after 1st March 2020 and upto 31st May 2020 have been deferred by 3 months.@mmahapatra@DFS_India#syndicatebank
— SyndicateBank (@syndicatebank) March 31, 2020
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