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Banks, NBFCs announce moratorium policy for their customers
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MUMBAI: Following the Reserve Bank of India (RBI) directive to banks on 27 March to provide a three-month moratorium on repayment of term loans, different banks on Tuesday announced their forbearance policies on websites and social media platforms such as Twitter.
The country’s biggest lender, State Bank of India, tweeted “In terms of RBI COVID19 regulatory package, SBI has initiated steps to defer the installments and interest/EMIs on term loans falling due between 1 March 2020 to 31 May 2020 and extended the repayment period by three months." Many other PSU banks--such as Bank of Baroda, Punjab National bank, IDBI Bank, Canara Bank and others--have also informed their customers about the EMI moratorium.
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