Chennai based Repatriates Cooperative Finance and Development Bank popularly known as Repco Bank is framing a policy to give benefits to its borrowers who have taken term loans or any other loans from the bank.
Talking to Indian Cooperative correspondent, Repco Bank MD R S Isabella said, “We welcome the move of RBI. Presently, we are framing the policy to offer the three month moratorium to the borrowers who have taken term loans or any other loans from the bank”.
“In the three-month moratorium, borrowers would not have to pay any loan EMI instalments, including principal and interest. Scores of small borrowers are associated with as our bank. We will put the form over website where borrowers can avail the benefits,” she said.
According to the RBI’s notification, lenders have been “permitted to allow” a three-month moratorium on term loans outstanding as on March 1, 2020. This means that the moratorium will not be granted automatically.
Besides, the Bank has taken the best possible measures to keep their employees and customers safe. We have already urged our customers to come to the bank only when there are emergency needs. The Bank’s corporate office as well as branches are open but we have reduced the staff members up to 50 percent”, she said.
She further said, “Employees wear masks while working and ask customers to wash their hands with sanitizers while entering the bank premises. Only at a time five persons are allowed to enter the bank’s branches”.
Meanwhile, we are in touch with our valuable customers through mail and messages. Customers are visiting branches during emergency and people do come to collect their deposits. There are no takers of loan, she informed this correspondent on the phone.
Presently, the bank is having 108 branches in southern states. The Bank is having a financial net worth Rs 800 crore and over 10 lakh customers, she informed.
The bank was established in 1969 with the prime objective of rehabilitating repatriates from Sri Lanka, Burma and Vietnam. The bank has a unique reputation for catering to the needs of the repatriate community.