Big relief for SBI customers! Bank extends timeline for this scheme by 3 months

The State Bank of India has given a relief to its customers. The public lender Wednesday extended the timeline for payment of settlement amount by 3 months on the backdrop of current disruption in the market and 21 days lockdown till April 14, 2020.

SBI believes that the extension of dates will give an extended opportunity to borrowers who are unable to visit branches owing to the lockdown. Source - Reuters.

The State Bank of India has given a relief to its customers. The public lender Wednesday extended the timeline for payment of settlement amount by 3 months on the backdrop of current disruption in the market and 21 days lockdown till April 14, 2020. Now, customers onboarded under settlement scheme SBI OTS 2019 / Rin Samadhan 19-20 / General compromise can meet payment obligation by June 30, 2020.

In an official statement released on Wednesday, SBI said that the extension will be available only to those customers where the first two instalments of 5% / 15% and 20% / 25% have been received within stipulated time of 30 days and 60 days respectively.

“Under One Time Settlement (OTS) 2019, the extension will be available only to those customers where the first two instalments of 5% / 15% and 20% / 25% have been received within stipulated time of 30 days and 60 days respectively. The balance OTS amount can be paid by June 30, 2020. Bank will not charge any interest on the amount for this extended period,” the statement read.

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It said that under the Rin Samadhan, the timeline for receipt of acceptance of OTS proposal along with upfront payment from borrowers has been extended upto June 30, 2020 from the current March 31, 2020, and up to September 30, 2020 for recovery of entire OTS amount.

SBI believes that the extension of dates will give an extended opportunity to borrowers who are unable to visit branches owing to the lockdown.

"Payment obligations for borrowers with outstanding as on March 01, 2020 under General Compromise category has been extended by 3 months from the respective dates, without charging any interest for additional period,” the statement added.

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