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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

September 22, 2020 / 07:01 PM IST

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.

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