SBI relaxes payment obligation timeline for OTS, RinSamadhan, General Compromise by 3 months

Chandigarh, April 01, 2020 (Yes Punjab News)

On the backdrop of current disruption in the market and 21 days lockdown till April 14, 2020, State Bank of India (SBI) has come forward to extend the timeline for payment of settlement amount by 3 months. Now, customers on boarded under settlement scheme SBI OTS 2019/ RinSamadhan 19-20/ General compromise can meet payment obligation by June 30, 2020.

Under One Time Settlement (OTS) 2019, the extension will be available only to those customers where the first two instalments of 5% / 15% and 20% / 25% have been received within stipulated time of 30 days and 60 days respectively. The balance OTS amount can be paid by June 30, 2020. Bank will not charge any interest on the amount for this extended period.

Similarly, under RinSamadhan, the timeline for receipt of acceptance of OTS proposal along with upfront payment from borrowers has been extended uptoJune 30, 2020 fromthe current March 31, 2020, and up to September 30, 2020 for recovery of entire OTS amount.This will provide an extended opportunity to borrowers who are unable to visit branches owing to the lockdown.

Payment obligations for borrowers with outstanding as on March 01, 2020 under General Compromise category has been extended by 3 months from the respective dates, without charging any interest for additional period.

About State Bank of India
State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on December 31, 2019, the bank has a deposit base of over Rs. 31 lakh crore with CASA ratio of little more than 44% and advances of nearly Rs. 23 lakh crore.

SBI commands 34% market share home loans and 34.86% in auto loans segment. The Bank has the largest network of 21,959 branches in India with an ATM / CDM network of over 58,500.

The number of customers using internet banking facility are 70 million and mobile banking services stand more than 16 million. Downloads for YONO – an integrated digital and lifestyle platform by SBI – is over 41 million with 4.5 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.


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