SBI loan moratorium: State Bank of India (SBI) on Wednesday said it has decided to automatically extend the moratorium by another three months for all eligible borrowers without waiting for their request.
The bank has reached out to all eligible loan customers to obtain their consent to stop their Standing Instructions (SIs)/ National Automated Clearing House (NACH) mandate for the EMIs falling due in June, July, and August 2020.
Ever since the Reserve Bank of India (RBI) allowed banks to extend the moratorium, borrowers have been trying to figure out whether the extension will be automatic or they will have to reapply.
The bank said in a statement on Wednesday that it has also reached out to all of its eligible loan customers to obtain their consent to stop their standing instructions for the equated monthly installments (EMIs) due in June, July, and August 2020.
The SBI has also simplified the process of stopping the EMIs by initiating an SMS communication to nearly 85 lakh eligible borrowers asking about their consent to stop EMIs.
“The borrowers have to reply with a YES to a designated virtual mobile number (VMN) mentioned in the SMS sent by the Bank within 5 days of receiving the SMS if they wish to defer the EMIs,” said the SBI statement.
The SBI is the largest bank with its assets, deposits, branches, customers, and employees, besides being the largest mortgage lender in the country. It also commands 34% market share home loans and 34.86% in the auto loans segment. The bank also has the largest network of 21,959 branches in the country with an ATM / CDM network of over 58,500.
The number of SBI customers using internet banking facility are 70 million and mobile banking services stand over 16 million. As on December 31, 2019, the bank has a deposit base of over Rs 31 lakh crore with CASA ratio of over 44% and advances of nearly Rs 23 lakh crore.