SBI Cards and Payment Services (SBI Card) on Monday mentioned it has framed a COVID-19 associated stress decision mechanism in accordance with the RBI’s not too long ago introduced relief measures.
Pursuant to RBI’s round dated May 5, 2021, the corporate has framed the decision framework 2.0 for COVID-19 associated stress of people and small companies, based mostly on the tenets as enumerated in the central financial institution pointers, SBI Card mentioned in a regulatory submitting.
“The policy covers norms on offering relief to stressed cardholders by means of resolution plans and the related provisioning and asset classification norms,” it mentioned.
Earlier this month, the Reserve Bank got here out with the Resolution Framework 2.0 below which people and small companies having publicity as much as Rs 25 crore can decide for mortgage restructuring if they’d not availed its earlier scheme.
The RBI on May 5 mentioned it determined to increase such a facility for restructuring of current loans with out a downgrade in asset classification in view of the uncertainties created by the resurgence of the pandemic in India.
The pure-play bank card firm, promoted by the nation’s largest lender SBI, recorded flat progress in its whole revenue at Rs 9,714 crore for the fiscal ended March 2021.
Net revenue fell by 21 % yr on yr at Rs 985 crore.
The inventory of SBI Card ended at Rs 1092.05 apiece on BSE, up 2.63 % from the earlier shut.
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