With regard to Credit card dues, how would the outstanding amount be determined? 3. (1) As Education loans, Housing loans, Consumer Durable loans, Credit card dues, Auto Loans, Personal loans and Consumption loans are loans that are in the form of a Term Loan / Demand Loan and not a Cash Credit [CC] or an Overdraft facility [OD], the outstanding in the account as at the end of 29.2.2020 will be the reference amount for Term Loans on which the interest (simple as well as compound) will be calculated. (1) Lending institutions can lodge their claim for reimbursement latest by 15th December 2020 only after crediting amounts as aforesaid. Further, the government has issued two clarificatory FAQs on 26.10.2020 and 29.10.2020 on COVID-19 ex-gratia to borrowers for the difference in interest. In this context, the Reserve Bank of India (RBI) had issued a Letter to all the banks and financial institutions on 26.10.2020. This will make the approach of the lending institutions uniform for all borrowers, irrespective of whether they have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI vide its circular DOR.No. are not eligible for coverage under the scheme. … A Non-Banking Financial Company—Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. The Top Court, Hon’ble Supreme Court is hearing a batch of petitions that raised issues concerning the six months loan moratorium period announced due to the COVID-19 pandemic. The differential amount will be credited to the respective loan account(s). Digital Editor. Loans for consumption purposes (e.g., social ceremonies, etc.) Last Updated at October 26, 2020 18:07 IST. The government’s ex-gratia payment of interest on interest concession to customers with outstanding loans upto Rs 2 crore will cover 75 per cent of borrowers in the system, according to rating agency CRISIL. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. c. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. With regard to individual loans sold by one lending institution to another would be eligible under the Scheme? ... it said. I could see ex gratia credit on my ICICI home loan statement, HDFC credit card statement, SBI statement. The government’s ex-gratia payment of interest on interest concession to customers with outstanding loans upto Rs 2 crore will cover 75 per cent of borrowers in the system, according to rating agency CRISIL. What is the ex gratia payment to the borrower under the scheme announced by Government of India? Here are the major questions answered about the grant of ex-gratia payment of the interest of interest, as addressed by the finance ministry: Who is eligible? As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Whether accounts from eligible categories of borrower standard as on 29.2.2020 in a lending institution are covered under the Scheme? Government has issued Additional FAQs COVID 19 Ex Gratia to borrowers for difference in interest Dated 3rd November, 2020. During the hearing in the Supreme Court, Tushar Mehta, who is appearing for the Central Government, said that the credit card user will also get ‘Ex-Gratia’. I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. No Interest Rebate on Credit Card. No. 14. Copyrights © 2021 Business Standard Private Ltd. All rights reserved. 1. What will be the treatment for the repayments / credits made in term loan/ demand loan during the period from 1st March 2020 to 31st August 2020? (3) Credit card dues — The rate of interest shall be the Weighted Average Lending Rate (WALR) charged by the card issuer for transactions financed on EMI basis from its customers during the period from Pt March 2020 to 3Pt August 2020. settled amount) in the account as on 29.02.2020 will be the reference amount. BP.BC.47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. For illustration: Authorisation amount locked at the time of hotel check-in (which is released at the time of check-out) would not be considered as part of the settled amount for calculation of credit card dues. its circular DOR. The benefit will be extended to borrowers with outstanding loans (standard as on February 29, 2020) under select categories, irrespective of whether the moratorium was availed of or not. On an outstanding loan of Rs 1 lakh and at an interest rate of 8%, the borrower will get an ex-gratia of about Rs 68. Get all latest content delivered straight to your inbox. 2 crores (aggregate of all the borrowings/facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). The undersigned is directed to convey that in view of the unprecedented and extreme COVID-19 situation, the Central Government has approved "Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)". This will make the approach uniform for all borrowers, irrespective of whether they have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI. (b) For Cash Credit / Overdraft facilities: (i) Simple interest for the period will be calculated on daily product basis (i.e., on the daily outstanding as at end of the day) at the rate of interest as on 29.2.2020. Earlier this month, in the matter of interest relief to borrowers during the moratorium, the Centre had promised to make good the interest on interest. We believe in free, fair and credible journalism. In case of any issues/queries relating to interpretation of this scheme, the decision of Government of India shall be final. The computation of the WALR shall be certified by the statutory auditor of the card issuers1. Q1. This scheme shall be called "Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)". Yes. In respect of Education loans, Housing loans, Automobile loans, Personal loans to professionals and Consumption loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation applicable as on 29th February 2020. b. In respect of consumer durable loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs.2 crores (aggregate of all the borrowings/ facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). The period to be reckoned for crediting of difference between compound interest and simple interest by the lending institutions mentioned in clause 3 above to eligible borrowers as per clause 4 above would be from 1.3.2020 to 31.8.2020 (six months / 184 days). Yes. In this context, the Reserve Bank of India (RBI) had issued a Letter to all the banks and financial institutions on 26.10.2020. How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? All India Financial Institutions (AIFIs), 4. Personal loans to professionals 8. (2) As MSME loans are sanctioned by way of Term Loan or CC/OD, the following provisions will apply: The outstanding in the account as at end of 29.2.2020 will be the reference amount for Term Loans on which the interest (simple as well as compound) will be calculated. In case of any issues/queries relating to interpretation of this scheme, the decision of Government of India shall be final. He said that I am also a credit card user and I too have received an SMS to get Ex-Gratia payment. (4) MSME loans — The rate of interest to be applied for calculating the difference between simple and compound interest shall be the contracted rate as specified in loan agreement/documentation in respect of the term loan. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. The union cabinet has discussed and is believed to have agreed on a proposal for an Ex-gratia payment of 'interest on interest' charged on loans for the six-month moratorium period announced in the wake of the COVID-19 pandemic, sources told CNBC Awaaz.Get latest … on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. Circular on Scheme for grant of ex-gratia including operational guidelines in pdf format, Letter of RBI on Scheme for grant of ex-gratia payment, The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). ) NOTE: For card sourced starting 01-11- 2020, Below T&Cs are applicable 1. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? No. Credit card interest waiver In the case of credit card dues, the interest rate will be the weighted average lending rate (WALR) charged. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. (b) The aforesaid eligibility shall be subject to the following further conditions and stipulations: (i) Account should be standard as on 29.2.2020, i.e., loan should not be a Non-Performing Asset (NPA) as on 29.2.2020. The RBI has notified the Scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months ending August 31, 2020. Such payment does not constitute a contractual, legal or equitable liability of the Central Government and is only an ex-gratia payment to the following designated class of borrowers in view of the COVID-19 pandemic. Support quality journalism and subscribe to Business Standard. Govt Giving Cashback To All Credit Card Users! Copy of Govt. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry clarified on Thursday. 11. 4. var aax_src='302'; We have reproduced the entire scheme announced by the government and the related FAQs on COVID-19 ex-gratia to borrowers for the difference in interest as follows-, Scheme for grant of ex-gratia including operational guidelines, RBI Letter on Scheme for grant of ex-gratia payment, FAQs on grant of ex-gratia payment  Series-1, FAQs on grant of ex-gratia payment Series-2, FAQs on grant of ex-gratia payment Series-3, FAQs on grant of ex-gratia payment Series-4, 2. 4. Who will finalise the list of eligible accounts? This could have posed significant challenges for the government as well as the financial sector. Such borrowers are eligible for refund of differential interest from 1st March 2020 upto the date of closure of account (not later than 31st August 2020). The lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers mentioned in clause 4 above in respective accounts of such borrowers for the period to be reckoned, irrespective of whether such borrowers have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI vide its circular DOR.No. Banks borrowings, Abhijit Lele  |  The borrowers shall register his/her grievance through the link available in the lending institutions’ official site or visit the home branch and submit his / her grievance. # What is the ex gratia Interest Relief scheme announced by the Government of India? BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. No Interest Rebate on Credit Card During the hearing in the Supreme Court, Tushar Mehta, who is appearing for the Central Government, said that the credit card user will also get ‘Ex-Gratia’. What is the ex gratia Interest Relief scheme announced by Government of India? Claim should be pre-audited by the statutory auditor of the lending institutions and a certificate in this regard shall be attached to the claim. Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package? Your support through more subscriptions can help us practise the journalism to which we are committed. Mumbai  The government had announced on 23.10.2020 the scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to borrowers in specified loan accounts.The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by … 17. (ii) Lending institution must be either a banking company, or a Public Sector Bank, or a Co-operative Bank [i.e., an Urban Co-operative Bank or a State Co- operative Bank or a District Central Co-operative Bank], or a Regional Rural Bank, or an All India Financial Institution, or a Non-Banking Financial Company or a Housing Finance Company registered with RBI or National Housing Bank as the case may be. Automobile loans including two-wheeler loans are eligible under the scheme. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". While putting in place such grievance redressal mechanism, lending institutions can keep in mind the communication dated 1.10.2020 issued by the Indian Banks' Association in respect of resolution framework for COVID- 19 related stress for guidance. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Further, the government has issued two clarificatory, FAQs on 26.10.2020 and 29.10.2020 on COVID-19 ex-gratia to borrowers for the difference in interest, payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020), (iii) The ex-gratia payment under this scheme shall be admissible irrespective of whether the borrower in sub-clause (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI. What are the main features of the ex gratia to borrowers scheme? The details of the Scheme are available at: Copy of RBI Letter on Scheme for grant of ex-gratia payment in pdf format, FAQ Series-1 on COVID 19 Ex-Gratia to borrowers for difference in interest dated 26.10.2020, Copy of FAQs released by government on grant of ex-gratia payment  Series-1 in pdf format, FAQ Series-2 on COVID 19 Ex-Gratia to borrowers for difference in interest dated 29.10.2020, Copy of FAQs released by government on grant of ex-gratia payment  Series-2 in pdf format, FAQ Series-3 on COVID 19 Ex-Gratia to borrowers for difference in interest dated 03.11.2020, FAQ Series-4 on COVID 19 Ex-Gratia to borrowers for difference in interest dated 04.11.2020. (1) Each of the lending institutions referred in clause 3 above shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present scheme within one week from the date of issuance of these scheme guidelines, at appropriate level(s). Whether eligible accounts foreclosed during the period of 1.3.2020 to 31.8.2020 are covered under the scheme? Settled amount in case of credit card dues is the amount outstanding against the actual transactions. Krishnan Sitaraman, senior director, CRISIL Ratings, said, “A complete interest waiver (including interest on interest) for eligible loans up to Rs 2 crore would have meant a staggering Rs 1.5 trillion. As a uniform rate is not available, WALR will be utilised as the benchmark rate. All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks), All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks, All Non-Banking Financial Companies (including Housing Finance Companies). Issues and concerns relating to claims submitted by the lending institutions shall be handled through the designated cell at SBI in consultation with Government of India. (ii) Compound interest will be calculated for the period at the rate of interest as on 29.2.2020 and compounding will be done on monthly rests. 3. 8. Chief Executive, Indian Banks' Association, 5. 6. For accounts closed during the said period, the period for crediting would be from 1st March 2020 and restricted to the date of closure of such account. What is the ex gratia payment to the borrower under the scheme announced by GoI? CRISIL in a statement, said the cost to the exchequer would have halved if the waiver was allowed only where moratorium was availed of. A Non-Banking Financial Company— Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. After the exercise mentioned in paragraph 5 above has been completed, lending institutions can lodge their claim for reimbursement latest by 15.12.2020. Eligibility criteria for ex-gratia payment under the scheme are as follows: (a) Borrowers in the following segments/classes of loans, who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. Get all latest content delivered straight to your inbox, Scheme for Grant of Ex-gratia Payment of Differential Interest for Six Months Loan Moratorium to Borrowers with FAQs, The government had announced on 23.10.2020 the, scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to borrowers in specified loan accounts. As soon as the banks and financial institutions complete the process of crediting the interest on interest waiver, they can claim a reimbursement from the government. Topics Banks borrowings. Ex-Gratia On Loan Moratorium Applicable For All. 2. As per the policy decision of the Central Government, this scheme mandates ex-gratia payment to the classes of borrowers mentioned in clause 4 above by way of crediting the difference between simple interest and compound interest for a period between 1.3.2020 to 31.8.2020 by respective lending institutions mentioned in clause 3 above. The potential burden on lenders – already facing profitability pressure and asset-quality challenges because of the Covid-19 pandemic and challenging macroeconomic environment – has eased, it added. When I called the customer care, they didnt have a clue. Credit card dues outstanding as on 29.2.2020 would be considered for giving relief to the borrowers and the benchmark rate applicable for such relief would be the contract rate (WALR), as on 29.2.2020, which is used by the credit card issuers for the purpose of EMI loans. I have not taken Moratorium. Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months (from March 1 to … The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. The government had announced on 23.10.2020 the scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to borrowers in specified loan accounts. Yes. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of difference between compound interest and simple interest by ways of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). 3. Yes. A Non-Banking Financial Company— Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. Government has issued Additional FAQs COVID 19 Ex Gratia to borrowers for difference in interest Dated 4th November, 2020. var aax_size='728x90'; Claims shall be submitted to designated officer(s) / cell at the State Bank of India (SBI). (1) Borrowers in the following segments/classes of loans, who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. HDFC Bank 1426.70 (+0.76%) HDFC Life 713.75 (+2.57% ... additional FAQs on the 'scheme for grant of ex gratia payment of difference between compound interest and simple interest', it said credit card dues outstanding as on February 29 would be considered for giving relief to the borrowers. Consequently, borrowers of unsecured, micro and gold loans will benefit more than those who had taken home loans, CRISIL said.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); The tab that the government will pick-up for such concession is estimated at about Rs 7,500 crore, according to CRISIL’s analysis. No. Whether “partly disbursed loans” are covered under the relief package? Get instant online access to your HDFC Bank's Credit Card account using NetBanking, thus track & manage your Credit Card transactions & also pay your Credit Card bills online. The Finance Ministry late Tuesday issued a set of 20 clarifications on the scheme in form of frequently asked questions or FAQs. No. Whether two-wheeler loans are covered under the scheme? RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. b. Download Copy of FAQs released by government on grant of ex-gratia payment  Series-1 in pdf format. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 8. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Is the loan eligible for ex-gratia payment under the scheme? As a uniform rate is not available, WALR will be utilised as the benchmark rate. 12. The ex-gratia payment credited to the customer account will be the relief on compound interest promised by the Centre to the Supreme Court. ... the ex-gratia payment of interest-on-interest by banks and non-banking finance companies for the moratorium period would cost the exchequer 7,500 crore. Introduction. 10. 2/12/2020-BOA.I, Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Grievances, if any, of the lending institutions shall be resolved through the designated cell at SBI in consultation with the Ministry of Finance, Government of India. 1. BP.BC.47/21.04.048/2019-20, dated 27.3.2020 and extended on 23.5.2020. No. BP.BC.47/ 21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. Credit card interest waiver. The ex-gratia payment credited to the customer account will be the relief on compound interest promised by the Centre to the Supreme Court. Consumption loans. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. SBI shall evaluate the claims to ensure that they are in conformity with this scheme's guidelines, and shall furnish to the Central Government statements of claims found eligible and claims settled. Topics (1) Education loans, Housing loans, Automobile loans, Personal loans to professionals, Consumption loans — The rate of interest to be applied for calculating the difference between simple and compound interest shall be the contracted rate as specified in loan agreement/ documentation in this respect. It will be credited to your savings/ current account and if you do not maintain any such account with the lending institution, you can advise the lending institution the details of the account in other banks where the amount can be credited /remitted to. What is the ex gratia payment to the borrower under the scheme announced by GoI? I have not taken monetorium and paid my EMI and Intrest on OD Account, Do I have any benifit under this scheme. Download Copy of FAQs released by government on grant of ex-gratia payment  Series-3 in pdf format, Download Copy of FAQs released by government on grant of ex-gratia payment  Series-4 in pdf format. 2. While making the calculation, repayments in the loan account during the period to be reckoned will be ignored. Operational guidelines for the scheme are attached. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. (ii) Lending institution must be either a banking company, or a Public Sector Bank, or a Co-operative Bank [i.e., an Urban Co-operative Bank or a State Co-operative Bank or a District Central Co-operative Bank], or a Regional Rural Bank, or an All India Financial Institution, or a Non-Banking Financial Company or a Housing Finance Company registered with RBI or National Housing Bank as the case may be. 2. 2 crore (sanctioned limits or outstanding amount) will not be eligible for ex-gratia  payment under this scheme. , Amex but not on my ICICI home loan statement, HDFC card... Cs are applicable 1 closed the loan account during the ex gratia interest refund in hdfc credit card to be reckoned as part of day! Or outstanding amount ) in the accounts classified as SMA-0, SMA-1 and SMA-2 are under. Institutions ( AIFIs ), 4 over charge, Jagdishan takes over as HDFC Bank MD & CEO credit... Which are not reflected in the accounts classified as SMA-0, SMA-1 and SMA-2 are under... 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Standard Premium Services '' of you, who have subscribed to our online content can only us!, Micro Finance Institution should be a “ Non Performing Asset ( NPA ) as on in! ( s ) the said period are covered under the scheme uniform is... On a range of rates for financing on EMI basis we believe free... By RBI India Financial institutions ( AIFIs ), issued vide letter F. No ) pandemic are as under a! To credit card yet categories of borrower Standard as on 29.02.2020 recognised by RBI professional had availed of a Organisation! / highlights of the launch of `` Business Standard Premium Services '' highlights of the eight segments/classes under! ( MFIN ), issued vide letter F. No SMA-1 and SMA-2 as 29.02.2020.
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