HFC Bank now provides loan deferment to 25% of its customers compared to 50% in March

HFC Bank CEO, Rakesh Ram says the bank has now extended repayment deferments to 25% of their customers from the initial 50% in March.

He says 53% of these customers are businesses.

Ram says they acknowledge that customers will continue to face hardships which is why any applications for extension on repayment deferment will be reviewed and assessed on a case-by-case basis.

The CEO says they are requesting their customer to discuss other assistance options with the bank if they are still unable to meet their loan repayments post the repayment deferment period.

He says where it would be established that the current pandemic is not linked to the client’s inability to meet the bank’s obligations, then the bank will apply its normal credit criteria to address and protect its risk.

He has also highlighted that the bank has continued to open new business accounts at the same rate in comparison to the same period last year but cash flows are irregular as the effect of the pandemic is being felt by businesses all across the world.