SBI, Bank of Baroda, announce EMI moratorium

Following the Reserve Bank of India (RBI) directive to banks on March 27 to provide a three-month moratorium on repayment of term loans, most public sector banks on Tuesday announced their decisions regarding the same on social media platforms such as Twitter.

The countries’ biggest lender, State Bank of India, tweeted: "In terms of RBI COVID19 regulatory package, SBI has initiated steps to defer the installments and interest/EMIs on term loans falling due between 1 March 2020 to 31 May 2020 and extended the repayment period by three months".

Many other PSU banks such as Bank of Baroda, Punjab and Sindh Bank, IDBI Bank, Canara Bank and others have informed their customers about the EMI moratorium.