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RBI Framework 2.0: SBI Card puts in place mechanism for COVID stress relief

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NEW DELHI : SBI Cards and Payment Services (SBI Card) on Monday said it has framed a COVID-19 related stress resolution mechanism in accordance with the RBI's recently announced relief measures.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."The policy covers norms on offering relief to stressed cardholders by means of resolution plans and the related provisioning and asset classification norms," it said.Earlier this month, the Reserve Bank came out with the Resolution Framework 2.0 under which individuals and small.

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