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Banks look to bring down the rent during the time of pandemic
April 21, 2020
India’s top private banks are going to bring down the rent by ₹ 4,000 crores. Banks are seeking to postpone of rent payments due to the impact of coronavirus outbreak on the business.
Private sector Bank official said, “We are negotiating the rent for the financial year which is going to expire, it can help us save rent outgo during the time of pandemic”.
According to ET, some banks have sent a notice to landlords to increase the rental period for the branches which cannot be opened due to the nationwide lockdown. Some banks are taking legal opinion to reduce the rent.
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