SBI Chief Rajnish Kumar in an exclusive interview with CNBC-TV18 said that the moratorium announced by RBI will apply to all customers of the public sector bank.
“There is a moratorium of three EMIs, whatever is due in March, April and May will get shifted, we need more clarification on credit cards from RBI. Non-payment of credit card dues will not be termed as default during the moratorium,” he said.
Speaking about auto debits of EMIs, he acknowledged that as they are already set in the system; we have to rework the mechanism to make the intent of the RBI operational.
“If three months instalment is not paid during the moratorium period, the credit history of borrower will not be impacted,” the SBI chief said.
He mentioned that the bank's board had approved policies on assessment of eligibility and operational details. "We will be able to notify operational details very quickly. Our next board meeting is on April 1, when we will get a board approval and immediately issue guidelines," he said referring to RBI's announcements earlier in the day.
He continued, "RBI announcements are sweeping and comprehensive in nature. No one can say that RBI could have done more. This is a an usual situation and requires an extraordinary response."