172@29@17@144!~!172@29@0@53!~!|news|business|sbi-launches-online-portal-faqs-for-covid-19-loan-restructuring-scheme-5866551.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Watch experts decode 'The rise of ESG investing' on October 29 at 4pm. Register Now!
you are here: HomeNewsBusiness
Last Updated : Sep 22, 2020 07:01 PM IST | Source: Moneycontrol.com

SBI launches online portal, FAQs for COVID-19 loan restructuring scheme

SBI’s retail customers upon logging in the portal will be asked to key in their account number. After completion of OTP validation and inputting a few necessary information, customers will come to know their eligibility and receive a reference number

The country’s largest lender, State Bank of India has launched an FAQ section on its website on the loan restructuring scheme under the resolution plan announced by the Reserve Bank of India (RBI) for the COVID-19 pandemic-hit loans.

Also, the bank has also launched an online portal where customers can check eligibility for the restructuring plan. Customers, however, will have to approach SBI branches for to complete the process, the bank said.

SBI’s retail customers upon logging in the portal will be asked to key in their account number. After completion of OTP validation and inputting a few necessary information, customers will come to know their eligibility and receive a reference number. This reference number will be valid for 30 days and within those 30 days customers can visit the branch to complete the required formalities.

Close

The restructuring process will be complete after verification of documents and execution of simple documents at branch/CPC.

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

According to SBI Managing director CS Shetty, around 3,500 retail customers have accessed the website, of whom 111 were eligible for restructuring, CNBC TV 18 reported.

According to Shetty, borrowers who will avail the scheme will be charged 0.35 per cent more than other customers, the TV channel reported.

Setty expressed hope that with the launch of this portal, the customers will find it operationally convenient to check their eligibility before they go to a branch.

The RBI had appointed a panel under KV Kamath to finalise the financial parameters of the scheme. The panel identified 26 sectors and submitted the detailed criteria to implement the scheme.

Under the scheme, banks can offer loan moratorium for up to two years.

Under this resolution framework framed by the RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on March 1, 2020, and their incomes are impacted by the COVID-19 pandemic.

The approval of borrowers’ loan restructuring application under this scheme - which is going to be governed by the RBI guidelines - would be conveyed to them by the SBI branch/CPC.
First Published on Sep 21, 2020 04:17 pm
Sections