Moratorium just a deferment; interest payable on delayed installments, says banking exper

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) responded to the lockdown of the country by announcing a moratorium on all loans given by banks, non-banking finance companies (NBFCs), microfinance institutions (MFIs), cooperative banks, and regional rural banks. The announcement has however led to a spate of doubts and questions.

Will everyone who doesn’t pay their equated monthly installments (EMIs) in April, May and June, just have to pay 3 more EMIs at the end of the loan, or will they have to pay a little more which is the interest on the 3 extra months, or is there even more than that? Will the interest itself be capitalised?

A draft of frequently asked questions (FAQs) by the Indian Banks’ Association (IBA) has been publicised by the finance ministry.

Sunil Mehta, CEO of Indian Banks’ Association said that the moratorium is only a deferment of the installment and interest accrual will continue during the period of deferment.

“If the 3 installments which are payable during the month of March, April, and May, if they are paid maybe after 5 years as a backend, it will also entail interest cost for the period of 5 years because those 3 EMI installments will have an interest accrued on it. That is why it may not be just 3 EMIs at the end, it may be 4 or 5 depending upon the repayment period available with the individual borrower,” he said.

Mehta further added that those, whose cash flows are not affected, should repay as per schedule. “Those who are in a position to repay, those whose cash flows are not affected, it is advisable for them to continue to repay their installments if they find that they do not have any problem in paying for it. But the particular segment which thinks that they do not have cash flow, then they can defer their installment for 3 months along with the interest and they can plan out its repayment as per their convenience. It can be backended up to the end of their repayment period,” he said.

According to SS Mallikarjuna Rao, MD and CEO,  Punjab National Bank (PNB) if one avails the moratorium, then they should try and front load repayment as soon as cash flow allows. “When you frontend the payment after the problem is resolved instead of waiting at the end, the interest burden automatically gets reduced because interest is applied only on the outstanding in the loan account as on any particular day,” he said.

Mehta also clarified that that moratorium is applicable both, for principle as well as for interest. He further added that it is in customers’ best interests to continue paying if they can.

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SC asks Centre to respond within a week to PIL seeking protective gear for healthcare professionals

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Supreme Court on Wednesday directed the Centre to file a reply within a week on a public interest litigation (PIL), filed by Nagpur-based Dr Jerryl Banait, which red flagged the lack of graded protective gear for healthcare professionals treating coronavirus infected patients.

A bench headed by Justice DY Chandrachud was hearing the PIL and conveyed the concerns to the Centre. On being confronted with the issues raised in the PIL, the Solicitor General Tushar Mehta appearing for the Centre assured the court that the government was seized of the COVID-19 pandemic and the consequent fallout.

The Solicitor General assured that the concerns raised in the PIL would be looked at by the government. Citing a status report, filed on March 31, Mehta argued that the government already demonstrated that it was taking necessary measures to tackle the issue.

However, Mehta urged in the SC to refrain from issuing a formal notice to the government. Instead, the Solicitor General submitted that the government would file a reply to the red flags, as pointed out in the PIL. The SC has obliged, asking the government to file a reply, without issuance of a notice.

Citing the lack of protective gear such as Hazmat suits, gloves, starch apparels, medical masks, the PIL had sought an urgent deployment of protective gear for all medical and para-medical staff. The PIL urged that the gear should be made available in not just metropolitan cities, but also tier 1 and tier 3 cities.

It also argued that doctors are the first line of defence and are most vulnerable to the exposure to the virus. Also, doctors are in constant touch with infected patients are putting themselves to risk.

The PIL warned that if the rate of infection and rate of mortality increases within the medical community, it would cause the current situation to spiral out of control.

Pointing out that the Andhra Pradesh High Court has already passed orders to that effect directing the state to make necessary safety equipment available to medical staff in the state.

The PIL also pointed out that even the Bombay High Court was seized of the matter and had issued notice to Maharashtra to file a reply on concerns over non availability of protective gear.

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Work from home: A millennial’s guidebook to balancing work and fun

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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‘It’s been just a week!’ Depending on how you’ve been coping with #WorkFromHome – different people are going to have different emotions when saying this. For most working professionals, this has been a dream come true (yay!), for some others – not so much.

Given how highly infectious COVID-19 is, this government-mandated lockdown is seen by many as a vital step in controlling the spread of the pandemic in our country.

The lockdown, however does not mean a paid vacation, though most of you may want to think of it that way. Na-uhhh. Most companies – start-ups and behemoths alike—moved quickly to make the transition to WFH for its employees as smooth as possible. For most of us this is the first time ever we’ve have had (let’s call it…) an opportunity to WFH. This is where it gets tricky. Fikar not – here’s the ultimate guide to nailing WFH:

1. Waking Up – Good morning sunshine! It’s a brand new day, so let’s get to it. Keeping to that bright and early start will help you focus on the tasks at hand and plan the rest of the day. Most of us have our morning routines. That first chai or coffee, a quick shower prior to kick-starting the day. Stick to it. The first step is always the hardest, so remember, discipline is key.

2. Plan The Day/ Virtual Assistants – In these tough times, it’s understandable if one gets distracted given that you’re not only taking care of yourself but possibly other members of your house too. A simple way to make sure things get done is to make a to-do-list and check them off one-by-one. You don’t need hundreds of post-it notes or a diary to scribble things down. Tech got your back. Apps like nTask, Trello, Google Assistant, Microsoft To-Do, etc work across OS and sync everything to the phone in your hand.

3. Set Goals/ Time Management – Don’t be an enthu cutlet. Set realistic targets to achieve through the day. Use apps like Pomodoro Tracker, Toggl, Week Plan that help you break down your day into different sessions and set the time needed to complete the tasks.

4. Ready Your Workplace – This is critical. Find a spot and make it your own. Sturdy table, comfortable chair, extension cord (for all your gadgets) and anything else you made need. Remember to keep it clutter-free.

5. Collaborate/ Team Work – Unless you’re the Lone Ranger, most of us are used to working as part of a team. Ideas seem to flow like the Ganga in the monsoons when you’ve got your office best friend around. The atmosphere at home can get dull and monotonous – instant creativity killers. Video calling apps like Zoom, Hangouts, etc help you connect with your team or for that quick one-on-one with a friendly face to get those creative juices flowing. Other apps like Google Drive, WeTransfer, Google Keep, etc are some interesting apps that help you share/track projects and assignments.

6. No Distractions Allowed – Working at home comes with its own set of problems. Like the fan rotating above you suddenly needs your undivided attention just like those TikTok bloopers earlier in the day. Come on, you’re stronger than that! Tell yourself that just like at work, you need to stay focussed. Considering most of us will be working on an office laptop or a PC – apps like StayFocusd, Serene and the like help avoid distracting websites/ apps.

Note: Upgrading that Wi-Fi plan or Mobile internet pack might just help things go faster rather than you punching your computer. Also, you might want to consider being friendlier to that IT guy, just saying.

7. Breaks Are Important – One of things about working from home is that you tend to make yourself super comfortable and not get up, or worse, an avalanche of work suddenly traps you at your spot. Either way, in order to maintain productivity – a 10 min break just to unwind and refresh yourself is just what is needed. Use this time to wash your hands and face, stretch your legs, play with your pet (HIGHLY recommended), water those plants or grab yourself a glass. Make that kadak chai that always gets you going?

8. Eating Right/ Hydration – Yes, your bai/cook isn’t allowed to come over  There, there. You can’t be snacking all day just because it’s convenient. Use some of your free time to go out and get some fruits, nuts, etc to beat them hunger pangs. There are loads of fitness experts on Instagram/ YouTube with simple to prepare healthy snacks & home-cooked food. Coconut water with its high electrolyte content is waaayy better than sipping on some artificial juices/ energy drinks. Shocking right?

Note: Check out this article on how to eat right while working from home

9. Communication Is Key – A half-heard instruction or worse – slow internet cutting you out of important team discussions can lead to a disastrous waste of time. Clear lines of communication between you and your boss/ team leader will help avoid redundancy. Conversely, bosses should be proactive and check on their team and offer guidance when they feel someone is stuck. You’ve been there before. Be firm but gentle. Share some of that hard-earned wisdom!

10. Boundaries – Just because you’re working from home doesn’t mean you are available to do things around the house. Talk to your family/housemates that during certain hours you are not to disturbed – to treat this as if you were actually are at work. Also because you’re WFH, doesn’t mean there is no end to the work, be clear with yourself and your boss. Having a definite in & out time helps keep the sanity and do other important things like having a life.

11. Unwind – Last but not definitely not the least – at the end of the day you have got to relax. We’re still in this lockdown, it isn’t easy. Taking care of oneself physically and mentally is something that shouldn’t have to be told but sometimes we need to told or shown things that are most obvious. Being plugged in the whole time stresses your mind and body. Find some time during the day for ‘Me time’. Listen to music, meditate, etc. Need help? Check out

Just remember, we have 2 more weeks of lockdown still to go and who knows what 2020 will throw at us next. Whatever that maybe, we must be ready. As apro Freddie Mercury once said – The Show Must Go On.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Arvind Kejriwal announces Rs 1 crore for kin of healthcare staff if die while treating coronavirus cases

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Delhi Chief Minister Arvind Kejriwal on Wednesday announced Rs one crore for the families of healthcare personnel if they lose their lives while dealing with coronavirus cases in the national capital.

Interacting with doctors, the chief minister said that at present, the Delhi government gives Rs one crore to the families of soldiers belonging to the national capital if they die in the line of duty.

“Your contribution is no less than a soldier’s…if any healthcare personnal, including government or private doctor, nurse and sanitation workers, die while serving coronavirus patients, the government will give Rs one crore for their families,” he said.

Kejriwal’s interaction with doctors came after three doctors tested positive for COVID-19.

So far, 120 cases of coronavirus have been reported in the national capital.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Infosys Foundation partners with Narayana Health City to open 100-bed quarantine facility for COVID-19 patients

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys Foundation, the philanthropic and CSR arm of Infosys and Narayana Health, one of the largest healthcare provider in the country, launched a 100-room quarantine facility for COVID patients in the vicinity of Narayana health city in Bengaluru, Karnataka. Infosys will be the first Indian IT company to assist in setting up quarantine facilities.

The company has said that the facility will aim to serve patients belonging to the economically weaker sections of the society and will accommodate patients, provide regular monitoring by doctors, nurses, and essential medication free of cost.

Mrs. Sudha Murty, Chairperson, Infosys Foundation, said, “Diseases often hit the underprivileged the hardest, because not only can they not afford proper treatment, but they also lose livelihood when they are dealing with the illness. This is a small effort by the Foundation to ensure that the underserved people of our society get access to clean, hygienic accommodation as well as appropriate medical treatment. We are thankful to Narayana Health City for their partnership and the thoughtfulness of this initiative.”

Infosys has also offered to partner with the Indian government to help set up a medical facility to address the healthcare needs of citizens affected by coronavirus. In US, Infosys Foundation has open up its learning platform for teachers, so they can continue to school their students from home.

The patients in the isolation facility will be monitored by the doctors and nurses of Narayana Health City. This partnership is another step in the Foundation’s efforts to expand hospital and quarantine facilities and ensure proper medical treatment for the patients belonging to the economically weaker sections of the society.

Earlier this week, Infosys Foundation announced its commitment of INR 100 crore to help the government with COVID-19 relief efforts. Dr. Devi Shetty, Chairman, Narayana Health, said, “We are pleased to partner with Infosys Foundation to open this 100-room quarantine facility for underprivileged patients. Providing safe-spaces, with proper medical care to enable patients to isolate themselves, will play a big role in India’s fight against COVID-19, and we thank Infosys Foundation for their support in this endeavor.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Scientists identify 8 strains of coronavirus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Even as researchers across the world work overtime to understand evolution of the virus that causes the disease COVID-19, scientists have identified at least eight strains of coronavirus doing the rounds globally.

Over 2,000 genetic sequences of the virus submitted from laboratories across the world to the open-source project Nextstrain.org show how the virus is migrating into new subtypes.

According to a report in National Geographic, the data at the site, including samples from every continent except Antractica, showed the virus is taking on an average 15 days for mutating.

This, however, does not mean that the virus is becoming dangerous. Rather, these mutations are helping scientists understand their behaviour and origin.

“These mutations are completely benign and useful as a puzzle piece to uncover how the virus is spreading,” Nextstrain cofounder Trevor Bedford, a computational biologist at the Fred Hutchinson Cancer Research Center in Seattle, US, was quoted as saying.

“One thing that’s become clear is that genomics data gives you a much richer story about how the outbreak is unfolding,” Bedford said.

Looking at the evolution of the virus also helped scientists debunk the conspiracy theory that the virus might have originated in laboratories.

The novel SARS-CoV-2 coronavirus that emerged in the city of Wuhan, China, last year and has since caused a large scale COVID-19 epidemic is the product of natural evolution, according to a study published in the journal Nature Medicine.

The analysis of public genome sequence data from SARS-CoV-2 and related viruses found no evidence that the virus was made in a laboratory or otherwise engineered.

“By comparing the available genome sequence data for known coronavirus strains, we can firmly determine that SARS-CoV-2 originated through natural processes,” said corresponding author on the paper Kristian Andersen, Associate Professor of Immunology and Microbiology at Scripps Research Institute in the US.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI relaxes payment obligation timelines for OTS, Rin Samadhan schemes by 3 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State Bank of India has relaxed payment obligation timeline for one-time settlement (OTS), Rin Samadhan and general compromise schemes by three months. The move comes in the backdrop of current disruptions in the market and amid the 21-day nationwide lockdown announced by the government due to the coronavirus pandemic until April 14, 2020.

SBI has come forward to extend the timeline for payment of settlement amount by three months, the country’s largest lender said in a statement on April 1. Now, customers on boarded under settlement scheme SBI OTS 2019/Rin Samadhan 19-20/General compromise can meet payment obligations by June 30, 2020.

Under OTS 2019, the extension will be available only to those customers where the first two instalments of 5 percent, 15 percent, 20 percent and 25 percent have been received within stipulated time of 30 days and 60 days, respectively.

The balance OTS amount can be paid by June 30, 2020. The bank will not charge any interest on the amount for this extended period.

Similarly, under Rin Samadhan, the timeline for receipt of acceptance of OTS proposal along with upfront payment from borrowers has been extended to June 30, 2020 from the current March 31, 2020, and up to September 30, 2020 for recovery of entire OTS amount. This will provide an extended opportunity to borrowers who are unable to visit branches due to the lockdown.

Payment obligations for borrowers with outstanding as on March 01, 2020 under General Compromise category has been extended by three months from the respective dates, without charging any interest for additional period, the lender said.

SBI has also issued guidelines informing customers what they need to do to avail the RBI-mandated moratorium under which they can differ payments towards EMIs or credit card bills for three months.

Customers who do not want to defer recovery of instalments/EMIs: Such customers need to take no action. They may continue to pay in usual course.

Customers who want to defer recovery of instalments/EMI: Such customers need to submit an application along with mandate for NACH extension to stop NACH for these instalments through an e-mail to the specified email ID.

Standing Instructions (SI): Please submit an application through an email to the specified email ID.

Customers who want refund of the instalment/EMI already paid: Please submit an Application through an email to the specified mail ID.

Effecting deferment of EMI/NACH/Refund may take approximately seven working days.

Impact of deferment: To enable customers to take an informed decision, the bank has furnished the impact of deferment:

Interest will continue to accrue on the outstanding portion of the term loan during the moratorium period. The possible impact of the extension of the repayment is explained below:

Impact in case of auto loan: For a loan of Rs 6 lakh with a remaining maturity of 54 months, the additional interest payable would be Rs 19,000 approximately, equal to additional 1.5 EMIs.

Impact in case of home loan: For a loan of Rs 30 lakh with a remaining maturity of 15 years, the net additional interest would be approx. 2.34 lakhs equal to 8 EMIs.

Application forms to defer EMIs and other services are available here.

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SBI issues EMI moratorium rules, points out additional interest will be charged later

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State Bank of India, the country’s largest lender, today issued guidelines for customers to avail moratorium on their term loan EMIs but noted that they could end up paying interest that could be in multiples of their monthly payments.

“In terms of RBI COVID-19 regulatory package, SBI has initiated steps to defer the instalments and interest/EMIs on term loans falling due between 01.03.2020 to 31.05.2020. Accordingly, the total repayment period will be extended by 3 months over the original repayment period,” the bank said in a statement on its website.

SBI said that customers who do not wish to avail moratorium, bank-speak for suspending EMIs, do not wish to do anything and that their EMIs will be recovered automatically.

Customers who wish to avail of the moratorium will have to download a form (a second form will also be needed if the EMI is cleared through the National Automated Clearing House (NACH)) and email them to a state-specific email address.

Customers can also apply for refund of EMIs if they have already been deducted using SBI’s Annexure 1 Form.

But the bank also pointed out, that in line with the RBI’s announcements to provide relief to customers, deferment could result in interest charges.

For instance, the bank said that in case of an auto loan, “for a loan of Rs 6 lakh with a remaining maturity of 54 months the additional interest payable would be Rs 19,000 approx. equal to additional 1.5 EMIs.”

In the case of a home loan EMI, for a loan of Rs 30 lakh with a remaining maturity of 15 years, the net additional interest would be approx Rs 2.34 lakh equal to 8 EMIs.

Experts have warned that customers should continue to make their EMI payments if they the means to do so as the deferral could result in steep interest charges.

The deferral has been offered by the RBI as a step to provide relief to customers whose cash flows have been affected by the COVID-19 induced lockdown.

SBI EMI Moratorium FAQs by CNBCTV18 Digital on Scribd

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COAI says no extra spectrum needed to maintain network stability, quality

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Telecom operators believe that there is no requirement of additional spectrum to maintain stability and quality of networks amid the 21-day nationwide lockdown imposed to combat the spread of coronavirus, industry body COAI said on Wednesday.

Recent series of measures, including streaming services switching content to SD and traffic redistribution has led to reduced pressure on networks, the Cellular Operators’ Association of India (COAI) said.

“Over the past few days, the industry, in concern with actions coordinated with the Department of Telecom (DoT), has seen a flattening of traffic demand on member’s networks.

“Some of these actions relate to streaming services reducing their content from HD to SD, local municipalities working with operators to bring sealed towers back online, some redistribution of traffic on the network, among other things,” COAI Director General, Rajan S Mathews said in a statement.

As a result, operators believe there is no present need to request for any additional spectrum, he said.

“Based on the present condition of member networks, we believe there is no such present need and operators remain confident the steps they have taken presently can maintain the reliability and quality of their networks and services,” Mathews said.

Prime Minister Narendra Modi on March 24 had announced a complete lockdown of the entire country for 21 days in an unprecedented move to contain the spread of coronavirus, shortly after which the Centre said road, rail and air services will remain suspended during this period.

So far, the pandemic has claimed 38 lives in the country and the number of COVID-19 cases has increased to 1,637 in India.

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Closing Bell: Sensex ends 1,203 points lower, Nifty below 8,300 as coronavirus cases rise

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian shares ended 4 percent on Wednesday, the first trading session of FY21, as the number of domestic coronavirus cases increased even as a 21-day lockdown remained in force. India has had 1,637 coronavirus cases and 38 deaths due to the disease.

The Sensex ended 1,203 points lower at 28,265, while the Nifty fell 344 points to settle at 8,254.

Many manufacturing operations in India were forced to halt to contain the spread of the virus and production has seen a decline, especially among automakers, with the outbreak affecting supply chains. The lockdown is scheduled to end around mid April, just as the corporate earnings season begins. The government said it had no plans to extend the lockdown.

Rating agency S&P Global on Monday cut its estimate for the country’s economic growth for the full year ending 2021 to 3.5 percent from 5.2 percent.

All sectors were trading in the red on Wednesday with IT stocks and banks leading declines. Nifty IT tanked 5.5 percent while Nifty Bank shed 4.9 percent for the day. Nifty Fin Services was also down 4 percent and Nifty Metal and Nifty Pharma also declined around 2 percent. Nifty FMCG lost 3.5 percent.

Hero Moto, Bajaj Auto, Bajaj Finance, and Titan were the only gainers on the Nifty50 index, while Tech Mahindra, Kotak Bank, TCS, Axis Bank, and UPL led the losses.

Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.23 percent, helped by a bounce in Australian shares, but risks for equities remained as the pandemic threatened global growth.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow