MUMBAI: With just two days left for the next EMI cycle to begin, most big lenders are unprepared to follow the Reserve Bank of India’s blanket order allowing borrowers to hold back from paying instalments for the month. Top lenders such as State Bank of India, HDFC Bank, ICICI Bank, Kotak Bank and Axis Bank have not activated any channel for customers to exercise an option.
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As a result, there was confusion among borrowers on Monday as many received text messages alerting them that their loan EMIs would be debited from their accounts and they needed to maintain adequate balance. Starting Wednesday, borrowers are due to pay their monthly instalment but banks are not ready yet to implement the special facility created by the RBI, which allows borrowers to avoid paying three EMIs without being classified as a loan defaulter.
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