The Bank encourages the Cardmembers with adequate funds to pay the total amount due (TAD) on their Credit Cards to avoid accrual of additional interest.Cardmembers, who are not part of the extended moratorium scheme will continue to receive regular statement as per their existing billing cycles and will continue to be governed by the terms and conditions with respect to the credit free period, applicable fees and interest as mentioned in Credit Cards Most Important Terms and Conditions (MITC).Cardmembers, who are part of the extended moratorium scheme, can make payment towards their Credit Card dues during the extended moratorium period. The Bank encourages the Cardmembers with adequate funds to continue to pay the dues on their Credit Cards to avoid accrual of additional interest.For all Cards under the extended moratorium, transactions will be temporarily blocked after June 9, 2020 for the extended moratorium period.At YES BANK’s discretion, credit limit on Credit Cards can be decreased or modified for all Cards under the extended moratorium.There will no impact on Cardmember’s CIBIL score due to non-payment on their YES BANK Credit Card during the extended moratorium period if Cardmember is part of the extended moratorium scheme.For Cardmembers, who are part of Extended Moratorium Scheme, their EMI scheduled to be posted for June 2020 and July 2020 statement, will be deferred and will get posted from August, 2020 statement onwards.For all Cardmembers availing the extended moratorium scheme, auto debit will not be triggered during the extended moratorium period.
The Reserve Bank of India (RBI) had issued COVID-19 – Regulatory Package notification, dated March 27, 2020.

Reserve Bank of India under Sub-section (1) of Section 45 of the Banking Regulation Act, 1949, the Government of India has made an Order of Moratorium in respect of Yes Bank Ltd. under Sub-section (2) of the said Section for the period from 5th day of March 2020 …

What is the EMI moratorium provided for loans under COVID 19 - regulatory package?

Further, on May 23, 2020, RBI announced an extension of the Moratorium Scheme till August 31, 2020.

Any such Corporate customers, who wish to opt out of the Extended Moratorium Scheme, are requested to make payment (equal to Total Account Due) for their May 2020 statement on or before June 9, 2020.Corporate customers, who are not part of the extended moratorium scheme will continue to receive regular statement as per their existing billing cycles and will continue to be governed by the terms and conditions with respect to the credit free period, applicable fees and interest as mentioned in Credit Cards Most Important Terms and Conditions (MITC).Corporate customers who have opted-in for the extended moratorium scheme, can make payment towards their Corporate Credit Card dues during the moratorium period.

The Bank encourages the Corporate customers to continue to pay the dues on their credit cards to avoid accrual of interest.For all Cards under the extended moratorium, transactions will be temporarily blocked after June 9,2020 for the extended moratorium period.At YES BANK’s discretion, credit limit on Credit Cards can be decreased or modified for all cards under the extended moratoriumNo.

The Bank only will accrue the interest as per the loan contract rate during this period. In this case, your repayment cycle will resume from the month of June, 2020. Hence, you are requested to clear your outstanding dues or default pertaining to the period prior to March 01, 2020, for which the extant IRAC and provisioning norms shall apply.For the retail loans under the Equated Monthly Instalments (EMI) structure, the tenure will be extended by the corresponding period for which the moratorium is availed e.g. RBI has permitted all Banks/financial institutions to extend the moratorium by another three months.

However, in case the borrower does not pay such accrued interest as and when the same becomes due, then penal charges or penal interest would be applicable.Though the Bank will continue to accrue interest on CC or OD line during the moratorium period, it will not be debited to your CC or OD account till the end of the moratorium period. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences.Customers stand in line outside a Yes Bank branch in Mumbai, India, on March 6, 2020.

However, in case the EMI or instalment amount increases or existing NACH mandate or PDC expires, then a fresh mandate or PDC will be required.Term Loans – The accrued interest shall be payable after the completion of the moratorium period. This is only for illustration purpose; actual interest may vary depending on the period of outstanding and interest rate as applicable on your Credit Card.Outstanding Amount for calculation of Interest applicableTotal Outstanding at the end of the Interest PeriodAll Corporate customers who are part of Extended Moratorium Scheme, their Credit Card shall be in the temporary blocked status after June 9,2020 till the Extended Moratorium Period.

supply chain disruptions, manpower shortage, lack of or drop in sales offtake and partial or complete shutdown of manufacturing facilities, among others) and provide the relevant supporting documents.Based on this, the Bank will make an independent assessment of your eligibility and review your working capital cycle or drawing power.If you have been assessed to be an eligible borrower for availing ‘Easing of Working Capital Financing’ as outlined in the above question and have requested the Bank for additional limits, the Bank would reassess your working capital (WC) cycle or drawing power and where justifiable, may increase your overall WC limit in the nature of an ad-hoc facility. Therefore, you can continue to utilise your CC or OD line without any reduction on account of interest billed during the moratorium period.In line with RBI guidelines, the moratorium on payments will not qualify as a default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs)/credit bureau by the Bank during the moratorium period. If the borrowing entity decides to avail the loan, it will be required to complete requisite documentation.
This concern is based on analysis which is flawed. if the EMI for the month of March, 2020 is paid, and the moratorium for April and May, 2020 has been availed, then the loan tenure will be extended by two months.

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