Coronavirus Outbreak: PSU banks announce moratoriums on loan EMIs following RBI directive
Several reports have stated that despite the central bank's guidelines, borrowers were receiving messages reminding them that their EMI is due.
The Reserve Bank of India (RBI) had last week advised all the lending institutions to offer a three-month moratorium on repayment of loans due to the outbreak of coronavirus .
Several reports have stated that despite the central bank's guidelines, borrowers were receiving messages reminding them that their EMI is due. To clear the air, many public sector banks have now announced the moratorium through Twitter.
State Bank of India
The country's largest lender SBI stated that it has initiated steps to defer the instalments and interests/EMIs on term loans with due dates between 1 March to 5 May and extended the repayment period by 3 months. The SBI said the interest on working capital facilities for the same period is also deferred to 30 June.
— State Bank of India (@TheOfficialSBI) March 31, 2020
IDBI Bank too has granted its customers a three-month moratorium for repaying loans. The bank, however, added that customers whose cash flows are not impacted and wish to continue payments can do so as per existing schedule.
Punjab and Sindh Bank
Punjab and Sindh Bank said it understands these are challenging times and as a ‘special dispensation’ has made available the deferment of instalments for the month of March, April and May 2020 towards loan accounts.
The bank has deferred EMIs of housing loans, vehicle loans, MSME loans and payment of all other term loans falling due after 1 March and up to 31 May, 2020 by three months.
UCO Bank has also granted a moratorium of three instalments of term loans up to 31 May. The next instalment is now payable in June, the bank said, adding that the repayment schedule will be extended accordingly.
The bank tweeted that borrowers are eligible for moratorium/ deferment of installments/EMI for the period between 1 March to 31 May and repayment period gets extended accordingly. The bank informed that SMS also has been sent to customers to avail the same.
Indian Bank has said that it has allowed a moratorium by deferring payment of EMI/term loan instalments and interest/interest on working capital for three months with effect from March 1, 2020.
A moratorium of three months on repayment of all term loan instalments and deferment of interest on working capital limits due between March 1 and May 31, 2020 is being provided by Corporation Bank.
Bank of India
Taking to Twitter, BOI has announced a moratorium on all term loans (including personal loans, housing loans, vehicle loans, education loan, agricultural term loans and crop loans) instalments and interests, EMIs payable and deferment of interest on working capital limits from 1 March to 31 May, 2020.
Union Bank of India
Punjab National Bank
Oriental Bank of Commerce
OBC has also announced its decision of providing a three-month moratorium to its customers on Twitter.
Central Bank of India
The bank tweeted information for its customers elucidating relief measures.
Bank of Baroda
BoB has also provided moratorium of three months on payment of all instalments due between 1 March and 31 May, 2020.
Indian Overseas Bank
The bank in a tweet said, "In terms of Covid 19- Regulatory Package, borrowers are eligible for moratorium/ deferment of installments/EMIs for Term loans falling due from 1 March, 2020 to 31 May, 2020."
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