Reserve Bank of India (RBI) vide circular dated August 06, 2020, has provided framework for implementation of resolution plans for addressing the economic fallout due to COVID-19 pandemic which has led to significant financial stress to customers. In-line with the framework and regulatory guidelines the bank has framed its policy for one-time restructuring of credit card receivables.

Restructuring refers to conversion of credit card dues to a term loan with equated monthly instalments (EMI) with reduced rate of interest. In case customers opts for a restructuring plan, then the credit facility on his credit card shall stand withdrawn.

Customers who have not paid their credit card dues owing to loss of income on account of the prevailing COVID-19 situation.

Customer's account was not in default for more than 30 days with the Bank as on March 01, 2020.

The following terms and conditions are applicable for customers who opt for restructuring:

1. The restructuring plan may be revoked in the event of failure to adhere to the stipulated payment plan.
2. The credit facility extended on the credit card will be withdrawn upon acceptance of restructuring plan. Credit card with suitable limit could be given afresh depending on timely repayment of dues as outlined in the restructured plan.
3. Customers will be liable to pay additional charges (late payment fee, interest etc) charged on their card account in the interim period between acceptance and invocation of restructuring plan.
4. The maximum tenor of the restructuring plan will be 24 months.
5. To opt-in for a restructuring plan, customer may be required to make an upfront payment as per agreed offer communicated by the Bank.

Customers who are unable to pay their minimum payment dues of card and fulfil condition mentioned under Q2 can SMS MORT to 5607011 from the registered mobile number. Please note: Requests received from non-registered mobile numbers will not be entertained.

Customers can opt in for restructuring of their credit card dues until December 31, 2020.

The credit reporting in respect of Customers where the resolution plan is implemented under this framework shall reflect the “restructured” status of the account. The credit history of the borrowers will consequently be governed by the respective policies of the credit information companies as applicable to accounts that are restructured.

The restructuring plan will stand revoked upon non-payment and such customers will not be eligible to reapply for any further restructuring plan.