{"id":20842,"date":"2020-09-09T19:41:52","date_gmt":"2020-09-09T19:41:52","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=20842"},"modified":"2020-09-09T19:41:52","modified_gmt":"2020-09-09T19:41:52","slug":"sbi-to-launch-online-application-window-for-retail-recasts-in-a-week","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=20842","title":{"rendered":"SBI to launch online application window for retail recasts in a week"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-2078331\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/1-292.jpg\" alt=\"\u201cThe whole thing at the backend is likely to be a two-to-three-day process,\u201d said a person aware of the developments. SBI expects about 15% of its 40 lakh home loan customers to apply for the recast.\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-2078331\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/1-292.jpg\" alt=\"\u201cThe whole thing at the backend is likely to be a two-to-three-day process,\u201d said a person aware of the developments. SBI expects about 15% of its 40 lakh home loan customers to apply for the recast.\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2078331\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/1-292.jpg\" alt=\"\u201cThe whole thing at the backend is likely to be a two-to-three-day process,\u201d said a person aware of the developments. SBI expects about 15% of its 40 lakh home loan customers to apply for the recast.\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/09\/1-292.jpg 660w, https:\/\/images.financialexpress.com\/2020\/09\/1-292-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/09\/1-292-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/09\/1-292-401x267.jpg 401w, https:\/\/images.financialexpress.com\/2020\/09\/1-292-440x293.jpg 440w, https:\/\/images.financialexpress.com\/2020\/09\/1-292-80x54.jpg 80w, https:\/\/images.financialexpress.com\/2020\/09\/1-292-313x209.jpg 313w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><\/noscript><\/noscript><span class=\"article-caption\">\u201cThe whole thing at the backend is likely to be a two-to-three-day process,\u201d said a person aware of the developments. <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">SBI<\/a> expects about 15% of its 40 lakh home loan customers to apply for the recast.<\/span><\/figure>\n<\/div>\n<p>The <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">State Bank of India<\/a> (SBI) is working on a portal within its website to enable its retail customers to apply for restructuring of their loans under the resolution framework for Covid-19 related stress. The portal is set for a September-15 launch, in keeping with a government directive, and will allow borrowers to ascertain their eligibility for recast in two to three days, sources said.<\/p>\n<p>Borrowers will have to submit their income details and documents to demonstrate how the pandemic has affected their ability to service debt. Following an eligibility check, the bank may seek more details if needed. Those identified as eligible will have to appear at the branch for a wet signature.<\/p>\n<p>\u201cThe whole thing at the backend is likely to be a two-to-three-day process,\u201d said a person aware of the developments. SBI expects about 15% of its 40 lakh home loan customers to apply for the recast. The bank has long maintained that a majority of its retail borrowers are salaried government employees, who have not been hit too hard by Covid-19.<\/p>\n<p>According to the Reserve Bank of India notification, the resolution framework is only for borrower accounts classified as standard, but not in default for more than 30 days as on March 1, 2020. Resolution may be invoked not later than December 31, 2020, and must be implemented within 90 days from the date of invocation.<\/p>\n<p>The resolution plans may include rescheduling of payments, conversion of any interest accrued or to be accrued into another credit facility, or granting of moratorium based on an assessment of income streams of the borrower, subject to a maximum of two years.<\/p>\n<p>The overall tenure of the loan may also get modified commensurately. The moratorium period shall come into force immediately upon implementation of the resolution plan. Bankers added that in some cases, they would also have to bear in mind the borrower\u2019s age, as regulatory norms do not allow for servicing of home loans beyond the age of 70.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" alt=\"\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/sbi-to-launch-online-application-window-for-retail-recasts-in-a-week\/2078329\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cThe whole thing at the backend is likely to be a two-to-three-day process,\u201d said a person aware of the developments. SBI expects about 15% of its 40 lakh home loan customers to apply for the recast. The State Bank of India (SBI) is working on a portal within its website [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20843,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-20842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/09\/1-292.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/20842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20842"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/20842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/20843"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}