1.Entire India is currently under Lockdown on account of COVID- 19. How is Bank of India proposing to address COVID 19 ?
Reply : The rapid outbreak of the “COVID - 19”, a disease caused by Novel - Coronavirus has led to an alarming health crisis as well as a significant commercial impact. As a definite fallout of the pandemic, the business worldwide is adversely affected/disrupted.
As a Premier Nationalised Bank, we understand the difficulty being faced by our borrowers and the greater hardships they would have to face in the wake of the pandemic in their business. Lockdown/disruption of activity in units due to shortage of labour/raw materials, inability to dispatch finished goods, logistic issues, increasing period of receivables etc. may lead to elongated working capital cycles, and hence working capital crunch.
We have already introduced “COVID Emergency Support Scheme 2020 (CESS-2020)” to help our borrowers tide our the situation.
2. What is BOI – SAMANYA CREDIT CARD-COVID 19 (SHG-M) ?
Reply : Till now we do not have any special scheme for members of SHG groups in line with COVID Emergency Support Scheme 2020 (CESS-2020). A specific scheme is therefore introduced exclusively for SHG members to boost the credit flow to them.
3. What type of borrowers are eligible under the scheme ?
Reply : i).The applicant should be the member of well conducted credit linked Women SHGs sponsored by NRLMs/SRLMs/Reputed NGOs having satisfactory repayment performance of first dose of credit linkage of SHG and these accounts are categorizes as standard as per IRAC norms.
ii. The applicant should come from the operational area of the branch duly identified/ sponsored by SHG or a reputed NGO who is on the approved list of NABARD with excellent track record.
iii. All Loan accounts of the SHG group should be in SMA-0 category only as on 16.03.2020.
However, the members of SHG group who have already availed credit facility under our BOI earlier Samanya Credit Card Scheme and the liability still exist are not eligible under this scheme.
4. How much amount and what purpose the loan will be given under the scheme ?
Reply : Rs.5000/- to individual borrower in the form of Cash Credit / Overdraft to meet genuine requirements i.e expenses related to agriculture, allied activity, non-farm activity such as Food & agro processing and consumption needs.
5. What is the rate of interest under the scheme ?
Reply : ROI is year MCLR (7.95%) +BSS (0.30%) +CRP (1.20%) presently 9.45 % p.a with monthly/quarterly/half yearly rest.
6. What is the security and how much margin under the scheme ?
Reply : Primary Security: Hypothecation of assets created out of bank finance or Clean and Collateral Security is Nil
Margin - Margin is Nil.
7. What is the repayment schedule for this limit ?
Reply : Account is in the form of revolving Cash Credit/ Overdraft facility subjected to annual review.
Borrower has to pay the interest amount as and when debited in the account.
8. Till when can a borrower avail the limit?
Reply : A borrower can approach the branch anytime as per his requirements. However, the scheme is valid upto 30.06.2020.
9. What is the other benefit under the scheme ?
Reply : The borrower is automatically covered under Personal Accidental Insurance Scheme as applicable to KCC borrowers. The entire cost of insurance including that of borrower’s share shall be borne by the bank.