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SBI to automatically extend moratorium by another three months

India city Mumbai covid-19 2020 pandemic
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MUMBAI : State Bank of India (SBI) on Wednesday said it has decided to automatically extend the moratorium by another three months for all eligible borrowers without waiting for their request.

Ever since the Reserve Bank of India (RBI) allowed banks to extend the moratorium, borrowers have been trying to figure out whether the extension will be automatic or they will have to reapply.

The bank said in a statement on Wednesday that it has also reached out to all of its eligible loan customers to obtain their consent to stop their standing instructions for the equated monthly instalments (EMIs) due in June, July and August 2020. “For this, the bank has simplified the process of stopping the EMIs by initiating a short message service (SMS)

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