SBI introduces relief package for loan borrowers
Source: The Sangai Express
Imphal, August 12 2023:
State Bank of India has introduced a comprehensive relief package to provide support to its loan borrowers affected by the present unrest in Manipur.
"In response to the recent riots and disturbances in Manipur since May 3, 2023, SBI is committed to assisting our valued customers who have been impacted by these unfortunate events", said a release issued by Assistant General Manager, Region-IV, SBI, RBO Imphal.
According to the release, the relief measures will be implemented based on an assessment date of May 4, 2023.All borrowers whose accounts had not turned NPA as on May 3, 2023 may apply for the relief package.
The relief measures will not apply to accounts that have already been classified as Non-Performing Assets (NPAs) as of May 3, 2023 .
The relief package allows for a maximum moratorium or deferment period of 12 months.
Borrowers who qualify for the relief may be able to postpone their EMIs, interest payments, and/or instalments for up to 12 months.
Implementation period for the relief package is up to September 20, 2023.SBI loan borrowers willing to avail the package are requested to approach their home branches/ any nearby branch by August 31, 2023 for further details.
Final eligibility will be governed by fulfilment of all other terms & conditions and extant guidelines.