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Resolution process has to be invoked within 30 days from the receipt of the application

"The policy covers norms on offering relief to stressed cardholders by means of resolution plans and the related provisioning and asset classification norms," SBI Card said

The pure-play credit card company, promoted by the country's largest lender SBI, recorded flat growth in its total income at Rs 9,714 crore for the fiscal ended March 2021. Net profit fell by 21 percent year on year at Rs 985 crore.

RBI Framework 2.0: SBI Card puts in place mechanism for COVID stress relief SECTIONS Last Updated: May 24, 2021, 10:17 PM IST Share Synopsis Earlier this month, the Reserve Bank came out with the Resolution Framework 2.0 under which individuals and small businesses having exposure up to Rs 25 crore can opt for loan restructuring if they had not availed its earlier scheme. Agencies Stock of SBI Card ended at Rs 1092.05 apiece on BSE, up 2.63 per cent from the previous close. SBI Cards and Payment Services (SBI Card) on Monday said it has framed a COVID-19 related stress resolution mechanism i...

May 19, 2021 Urges them to focus on resilience of balance sheet The Reserve Bank of India (RBI) on Wednesday asked public sector banks (PSBs) to quickly implement the recently announced Covid-19 related measures in right earnest. The measures included providing fresh lending support to entities in emergency health services, and resolution framework 2.0 for Covid-related stressed assets of individuals, small businesses and MSMEs. In a virtual meeting of PSB chiefs, top brass of RBI, including Governor Shaktikanta Das and four Deputy Governors, issues relating to the current state of the finan...