Wednesday, June 29News That Matters

Tag: restructures

SBI Card restructures dues, offers loan option

(This story originally appeared in on Sep 12, 2020)MUMBAI: SBI Card is restructuring credit card dues for those who availed moratorium by converting it into loans where the interest is up to 70% lower. The company is also promising users that, should the Supreme Court grant any interest relief during the moratorium period, the benefit will be adjusted against subsequent instalments on the loan. Speaking to TOI, SBI Card MD & CEO Ashwini Kumar Tewari said, given that interest on credit card balances that are revolved is over 40%, the outstanding will keep growing if cardholders delay payments. “According to our Q1 numbers, in the month of May, we had Rs 7,083 crore under moratorium, which came down to Rs 1,500. A large chunk of this has been repaid, while those who have not repaid have...