COVID19 – IDBI Bank FAQs on RBIs COVID19 Relief Measures
Reserve Bank of
India vide ‘COVID-19 – Regulatory Package (Revised) RBI Lr No
RBI/2019-20/186-DOR.No.BP.BC.47/21.04.048/2019-20 dt.March 27, 2020’, has announced a number of relief measures to
minimise the COVID19 impact.
The
operating details are to be approved by the respective Bank’s / NBFC and
updated on their respective website.
In this
regard, IDBI Bank has taken the lead. IDBI Customers on landing on the bank’s
website can view the details banner on the first page itself.
As of
now, no other Bank or NBFC has uploaded the COVID19 relief measure’s operating details
on their websites.
Banks/NBFCs
are expected to compile FAQs (Frequently Asked Questions) regarding RBI’s COVID
Relief measures customised to their account holders and host the same.
FAQs
minimise customer queries and also assist the frontline staff to respond to customer
queries.
In
this regard, IDBI Bank FAQs answers the following questions:-
Covid - 19, instalments relief
FAQs
FAQs on IDBI Bank Home Loan, Loan
Against Property, Auto Loan, Education Loan and Personal Loan.
1. What is the relief RBI has
provided for retail loan under COVID 19- regulatory package ?
2. Since the instalment are not
to be paid, how will the loan be adjusted?
3. What is the process to be
followed for getting the benefit of instalment moratorium ?
4. What I need to do If I do not
want the relief facility?
5. What will happen after the
relief period /moratorium is completed?
6. Does this moratorium period
affect my credit rating?
7. What will happen to the
accounts which are delinquent/ in default/overdue on or before 1st March 2020?
As per
IDBI Bank's, 'Un-audited Financial Results for the Quarter and half year ended
September 30, 2019', the bank's Structured
Retail Assets portfolio increased by Rs8,180 crore (17%) to Rs56,320 crore as
on September 30, 2019 from Rs48,140 crore as on September 30, 2018.
Hopefully
other financial institutions will follow soon and provide clarity to their loan
account holders.
Or, if other
financial institutions have uploaded the Operating details, they are not easy
to locate.
Instalments
will include the following payments falling due from March 1, 2020 to May 31,
2020: (i) principal and/or interest components; (ii) bullet repayments; (iii)
Equated Monthly instalments; (iv) credit card dues.
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