SBI customers get relief on loan accounts; moratorium extended by another 3 months amid COVID-19 lockdown

New Delhi: In view of COVID-19 lockdown across the country, State Bank of India (SBI) on Wednesday (May 27) decided to extend moratorium automatically by another 3 months in loan accounts of all eligible customers without waiting for their request, said an official statement.

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.

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.