What are the guidelines for bank employees during the COVID-19 pandemic?
Follow protective policies such as adjusting your workstation to minimize close contact and using transparent shields or other barriers if they have been put in place by your employer to physically separate yourself from customers where distancing is not an option (e.g., teller counters).Keep a distance of 6 feet from other people (social distancing) at all times including during breaks. Use a cloth face covering as appropriate. Cloth face coverings are intended to protect other people—not the wearer. They are not considered to be personal protective equipment (PPE).
What is RBI’s 3 month moratorium on repayment of loans?
There will be a 3 months moratorium on repayment of loans, it means borrowers need not pay loan EMI installments for 3 months. As per this new RBI directive, EMI would not be deducted from the individual’s bank account. Borrowers’ credit will not be downgraded. The risk classification of the loan will not be affected.
What is the EMI moratorium for ready to move-in property?
After a period of three years, the full EMI is paid by the borrower. In the case of a ready-to-move-in property, banks typically give a moratorium of three to six months. How will lending institutions benefit with this move? Note that lending institutions are not waiving the EMI or the interest.
Which banks are offering loan moratorium in India?
Kotak Mahindra Bank is also offering the loan moratorium as per the directives of the Reserve Bank of India (RBI). As this is a voluntary benefit, the bank has asked its customers to notify them about the same.
What is the covid-19 moratorium on term loans?
In the wake of the COVID-19 or the Novel Coronavirus outbreak and the financial jolt that it may have caused for many, the Reserve Bank of India (RBI), in an attempt to provide some relief to those struggling with liquidity, announced some relief, on March 27, 2020, in the form of a moratorium on term loans for three months, ending on May 31, 2020.