State Bank of India (SBI) has introduced restructuring policy as per RBI directives.
State Bank of India (SBI) has introduced loan restructuring policy as per RBI directives. Its purpose is to provide relief to retail borrowers from the adverse effects of Kovid 19 (COVID-19). SBI on Monday launched an online portal for the hassle-free implementation of the loan restructuring policy. Through this portal, customers can check their eligibility for restructuring loans at their convenience from home or office or from any place.
Under the Loan Restructuring Framework of RBI (Reserve Bank of India), those borrowers whose loan accounts fall in the standard category are not eligible to default in loan payments for 30 days or more till March 1, 2020. And whose income has been affected by Kovid 19.
How can you take advantage
After logging into the portal, retail customers of SBI will be asked to enter the account number. After completion of OTP validation and inserting some necessary information, the customer will be able to know his eligibility for restructuring the loan and will get the reference number. This reference number will be valid for 30 days and during this time the customer can go to the bank branch to complete the necessary formalities. The loan restructuring process will be completed after document verification and execution of a simple document in the branch / CPC.
CS SETI, managing director of retail and digital banking at SBI, hoped that with the launch of this portal, customers will be able to easily check their eligibility sitting at home before going to the bank branch for loan restructuring. The information about the approval of loan restructuring will be sent to the customer by the SBI branch / CPC.