Chennai rains: ICICI Bank not to impose penalty on EMI delay

NEW DELHI: In view of floods, ICICI Bank today said it has decided not to impose any penalty on its Chennai customers for delay in EMI and credit card payments for November.

Besides, the bank will also waive off charges for cheque bounce for the same period, ICICI Bank spokesperson said.

Yesterday, HDFC Ltd had also announced waiving off any penalty on its home loan customers impacted by the rains for any delay in EMI payments for November.

Torrential downpour has caused havoc and great difficulty to people in Tamil Nadu, especially in Chennai.

The Finance Ministry asked all banks to restore banking services in affected areas as early as possible and provide ATM and other services to the people round the clock.

All the banks in flood affected areas will remain open on Sunday and will also offer extended business hours.

Besides, the ministry has asked all public sector insurance companies to extend all possible help to flood affected people.

Reliance Life Insurance said it has asked all its agents and sales staff to call all the customers in Chennai and check for their well-being. The company has over 1.5 lakh customers there.

This is part of the 'best business practices' being brought in by Reliance Life Insurance's foreign partner Nippon Life.