At 10:55 am, SBI Cards and Payment Services shares had slid more than 3 per cent on BSESBI Cards and Payment Services has framed a COVID-19 related stress resolution mechanism in accordance with the relief measures announced recently by the Reserve Bank. “Pursuant to RBI’s circular dated May 5, 2021, the company has framed the resolution framework 2.0 for COVID-19 related stress of individuals and small businesses, based on the tenets as enumerated in the central bank guidelines, SBI Card said in a regulatory filing to the stock exchanges.”The policy covers norms on offering relief to stressed cardholders by means of resolution plans and the related provisioning and asset classification norms,” SBI Card added.The Reserve Bank had unveiled Resolution Framework 2.0 earlier this month, under which individuals and small businesses having exposure up to Rs 25 crore could opt for loan restructuring if they had not availed its earlier scheme.At 10:55 am, SBI Cards and Payment Services shares had slid more than 3 per cent to Rs 1,057.45 as against a 0.3 per cent rise in the benchmark indices.
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