SBI Card Establishes Covid Stress Relief Mechanism
SBI Cards and Payment Services has established a Covid-19 stress resolution mechanism in line with the relief measures announced by the Reserve Bank at the beginning of the month. The central bank had unveiled Resolution Framework 2.0 earlier this month, making it possible for individuals and small businesses with exposure up to Rs 25 crore to go for loan restructuring if not availed earlier.
"Pursuant to RBI's circular dated May 5, 2021, the company has framed the resolution framework 2.0 for COVID-19 related stress of individuals and small businesses, based on the tenets as enumerated in the central bank guidelines, SBI Card said in a regulatory filing to the stock exchanges.
The policy provides relief to stressed cardholders through resolution plans and related provisioning and asset classification norms.
SBI Cards and Payment Services is a pure-play credit card company promoted by the country's largest lender State Bank.
At 10:55 am, SBI Cards and Payment Services shares had slid more than 3 per cent to Rs 1,057.45 as against a 0.3 per cent rise in the benchmark indices.
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