SBI Cards to Offer Recasting Plans to Delinquent Customers after Moratorium

SBI Cards will offer Reserve Bank of India’s (RBI) restructuring relief to its delinquent Credit Card customers who opted out of Moratorium confirmed SBI Card Managing Director & CEO Ashwini Kumar Tewari.

The SBI MD said that some customers who came out of the moratorium in May 2020 refrained from paying out and we placed them into the category of delinquent customers. Such customers will be offered restructuring scheme or custom repayment plans.

In first quarter of this FY as much as Rs 7,083 crore were put under moratorium while the number came down to Rs 1,500 crore after that.

With more time in hand, the Credit Card customers will be able to make payment gradually. The SBI Cards has also said that they will offer them better rate of interest and enough tenor to payback their dues.

All customers who did not pay in the first three months of moratorium were treated as standard accounts as per RBI’s guidelines. However a lot of customers opted out of Moratorium and did not apply for second phase of Moratorium. Of these customers, those who did not start the payments were marked as delinquent customers.

Also, the credit issuing major has said that it has already been witnessing rise up to 80 percent of pre-COVID levels in transactions. Online spends at 105 percent of pre-pandemic levels said the company.