COVID19 – IDBI Bank FAQs on RBIs COVID19 Relief Measures

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          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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