The country’s largest public sector lender, State Bank of India (SBI) and the largest private bank, HDFC Bank, have made the first move on loan restructuring. SBI took the lead and made an announcement yesterday. Under the resolution plan approved by the Reserve Bank of India (RBI) for COVID-19 pandemic-hit loans, HDFC Bank announced its own restructuring scheme for its loan and credit card customers. This comes days after SBI Cards had earlier announced its own restructuring scheme for its credit card holders. SBI’s restructuring scheme will cover home, education, auto and personal loans, just as HDFC Bank’s would.
SBI has launched a facility on its website for customers to check their eligibility for the restructuring plan.
“Customers will find it operationally convenient to check their eligibility on our website before going to a branch in these pandemic times,” says C. S. Setty, Managing Director of Retail and Digital Banking at SBI.
If you are eligible, you will have to approach a branch with the reference number generated, to complete the restructuring process.