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Indian Bank launches e-facility for restructuring of personal loans

State-run Indian Bank said it has launched a facility on its website for its personal loan borrowers to submit the requests for restructuring of their loans under RBI's one-time loan recast norms.

Indian bank, PSB,

State-run Indian Bank on Thursday said it has launched a facility on its website for its personal loan borrowers to submit the requests for restructuring of their loans under the Reserve Bank of India's one-time loan recast norms.

In August this year, the RBI had announced a one-time restructuring scheme for personal loan and corporate borrowers affected by COVID-19 stress.

The bank said the requests for restructuring from retail borrowers be registered with a unique reference number.

The lender will inform customers through SMS to visit their respective branches with required documents for completion of restructuring process, the release said.

Retail borrowers who have not applied online can also visit their branch along with the required documents for considering the restructuring of their personal loan accounts, the lender said.

Last month, State Bank of India (SBI) had launched a facility on its website to help retail customers check their eligibility for one-time loan restructuring.