Reserve Bank of India (RBI) vide circular dated May 05, 2021, 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 RBL Bank has framed its policy for 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 In case customers opts for a restructuring plan, then the credit facility on his credit card shall stand withdrawn.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 whose Card account/s (and Other Loans, if applicable), are in good standing with the bank, as on March 31, 2021.

Further, the Applications for Restructuring will be subject to internal assessment, as per RBL Bank's policies & procedures.

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 The credit facility extended on the credit card will be withdrawn upon acceptance of restructuring plan.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 re-issued depending on timely repayment of dues as outlined in the restructuring plan. 
3. Customers will be liable to pay late payment fee, interest etc., if any, charged on their Card account in the interim period between acceptance of request and invocation of restructuring plan. The maximum tenor of the restructuring plan will be 24 months. 
4. If a Customer holds more than 1 Card with the Bank, on opting in for Restructuring, all Cards held by the Customer will be reviewed for restructuring and blocked for usage.

Customers who are unable to pay their minimum payment dues of card and fulfil condition mentioned under Q2 can click here to fill and submit their Restructuring request.

Bank can initiate the process of resolution plan until September 30, 2021.

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 Customer’s 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.