NEW DELHI: In a relief to customers, some public sector banks on Tuesday announced deferment of EMI (equated monthly instalment) payments on loans for three months following directions by the Reserve Bank of India (RBI) which asked all lending institutions to allow three month moratorium on loan payments as the economy grapples with Covid-19 challenges.
Last Friday, the RBI had announced that all term loans, including retail and crop loans and working capital payments, will be covered by the three-month moratorium.
Banks had the discretion in deciding the limits on working capital, with RBI saying that no payment miss should be considered a default and reported to credit information companies.
Here are the PSU banks which have announced the deferments:
*Punjab National Bank (PNB): In view of the coronavirus pandemic, PNB has deferred payment of all instalments on loans which were due from March 1, 2020 to May 31, 2020.
In a tweet, the bank said: “PNB presents relief scheme for our customers. In view of COVID-19, it has been decided to defer payment of all installments on term loan and recovery of interest on cash credit facilities falling due between March 01,2020 and May 31 2020.”
PNB presents relief scheme for our customers. In view of COVID-19, it has been decided to defer payment of all inst… https://t.co/xt7sYHm3DS— Punjab National Bank (@pnbindia) 1585644678000
* Bank of Baroda: The bank has granted three month moratorium on all term loans including corporate, MSME, agriculture, retail, housing, auto and more.
* Union Bank of India: In a tweet, the bank said: “We are extending COVID-19 Relief to customers to defer their instalments / interest falling due between 01/03/20 to 31/05/20 for 3 months.”
We are extending COVID-19 Relief to customers to defer their instalments / interest falling due between 01/03/20 to… https://t.co/eNPy9oZgT9— Union Bank of India (@UnionBankTweets) 1585642389000
* IDBI Bank: Like other banks, IDBI has also extended the option of EMI moratorium to its customers for three months. However, the bank said that customers whose cash flows are not impacted may continue paying the EMIs as per schedule.
IDBI Bank extends moratorium on Term Loan instalments/interest and deferment of interest on working capital loans o… https://t.co/1ac4hrV5lg— IDBI BANK (@IDBI_Bank) 1585639784000
* Canara Bank: “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,” the bank said in a tweet.
* Syndicate Bank: Payment of EMIs on housing, vehicle, MSME loans and all other term loans falling due after March 1, 2020 up to May 31, 2020 have been deferred by the bank by three months.
* Indian Overseas Bank: IOB has not only deferred EMI payments for term loans but it has also slashed its repo linked lending rate from 8 per cent to 7.25 per cent with effect from April 1, thereby benefiting customers of retail and MSME loans.
IOB’s Repo linked lending rate will come down from the existing level of 8.00% to 7.25 % per annum wef 01.04.2020.… https://t.co/LDbMshzxWT— Indian Overseas Bank (@IOBIndia) 1585653899000
* Indian Bank: As per Covid-19 regulatory package of the RBI, Indian Bank has also allowed a moratorium by deferring payment of EMI/term loan instalments and interest on working capital for three months, the bank said in a statement.
* UCO Bank: The bank has extended repayment schedule of its customers for three months and the next instalment will now be payable in the month of June 2020, it said. However, customers who wish to continue with their EMI payments as per the existing schedule may continue to do so.
* Central Bank of India: Central Bank has allowed moratorium of three months on payment of instalments in term loans including principal/ interest component, bullet repayments, EMIs, credit card dues for a period of three months.
Information for Customers on relief measures- @DFS_India @FinMinIndia https://t.co/zcKOoL6bCm— Central Bank of India (@centralbank_in) 1585644824000