3-Month Moratorium On EMIs For All Customers, Clarity On Credit Card Payment Sought: SBI Chief

In an exclusive interview with a leading business channel, SBI Chief Rajnish Kumar said RBI's EMI moratorium will be applicable for all of its customers. "There is a moratorium of three EMIs, whatever is due in March, April and May will get shifted, we need more clarification on credit cards from RBI. Non-payment of credit card dues will not be termed as default during the moratorium," he said.

3-Month Moratorium On EMIs For All Customers, Clarity On Credit Card Payment Sought: SBI Chief

Further, on the standing facility for auto debits of loan EMIs, he said that they are already in place in the system and the mechanism will have to be reworked for making the intent of the central bank functional.

"If three months instalment is not paid during the moratorium period, the credit history of borrower will not be impacted," the SBI chief asserted.

"We will be able to notify operational details very quickly. Our next board meeting is on April 1, when we will get a board approval and immediately issue guidelines," he said in reference to RBI's moratorium related announcements made earlier during the day. Also, on the sidelines he clarified that the bank's board has already approved policies with respect of assessment of eligibility as well as operational details.

He continued, "RBI announcements are sweeping and comprehensive in nature. No one can say that RBI could have done more. This is a an usual situation and requires an extraordinary response."

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