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.
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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 o