Public sector banks have announced deferment of EMI payments on loans to customers for three months in the wake of COVID-19 pandemic.

The RBI had earlier issued directions asking lending institutions to allow three month moratorium on loan payments.

Banks like State Bank of India, Punjab and Sind Bank, Canara Bank, UCO Bank, Syndicate Bank and Bank of Baroda have announced the offer of the moratorium to customers via tweets.

SBI said on its Twitter handle that they have initiated steps to defer the installments and EMIs on term loans falling between 1st of March and 31st of May.

It said the interest on Working capital facilities for the period has also been deferred to 30th of June.

Canara Bank is further providing collateral and margin free loans up to Rs 20 lakh to Self Help Groups