Daijiworld Media Network – New Delhi

New Delhi, Apr 1: Even though the RBI Governor announced that banks are allowed to offer three-month moratorium on EMIs and term loans, only a few public sector banks have implemented the RBI guidelines. Major private banks are yet to come out with their decision. April 1, being the first day of the month and for many bank customers, possibly the deadline to pay their loan or EMIs, are in a confused state. Many received text messages alerting them that their loan EMIs would be debited from their account, and they needed to maintain adequate balance.

So far State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank of India, IDBI Bank, Canara Bank, Syndicate Bank, Indian Overseas Bank, Indian Bank, UCO Bank, and Central Bank of India, have officially communicated to their customers or the announcement has been published on their bank website and social media account.

However, private banks like Axis Bank, HDFC, and ICICI etc have still not come out with any announcements.

Axis Bank on Tuesday, March 31 tweeted, "We are actively working towards implementing the requirements of the RBI guidelines on COVID-19 Regulatory package for offering moratorium on payment of instalments and/or deferment of interest. The customers would be informed shortly about the details and the manner of availing the option(s)."

Other private banks failure to communicate with customers and give a clear indication about the guidelines, have created confusion among customers.