For the period March-May 2020, only 22% of its customers benefited from the Moratorium Scheme
To save the general public and the business world in the fight against COVID-19, the government and RBI have not given much emphasis to those who took the most emphasis on the scheme. This is actually the Moratorium Scheme on repayment of term loan.
The country’s largest lender State Bank of India (SBI) has reported that only 22 per cent of its customers have taken advantage of the Moratorium Scheme for the period March-May 2020.
These customers were given the relief of not paying the loan installment for three months, but about 82 percent of the customers have paid their installment for at least two months.
This information was given by SBI Chairman Rajneesh Kumar. However, he also feared that there may be more number of people taking advantage of Moratorium during the quarter of June to August.
SBI also revealed the financial results for the last quarter (January-March, 2020) of FY 2019-20, which are better than expected. The bank has reported a net profit of Rs 3,580.81 crore this quarter, which is four times more than the same quarter of the previous financial year.
This quarter the bank’s income has increased and has also helped reduce NPAs. The NPA level has come down from 2.65 per cent to 2.13 per cent against the total advance. The bank has also had to adjust Rs 11,894 crore due to NPA which was Rs 8,193 crore in January-March, 2019.