Coronavirus updates: ICICI Bank, PVR, NRAI seek rent waiver from landlords

ICICI Bank has asked all its operating offices to seek a complete waiver on rental payments till the time the country is under lockdown to cushion the economic fallout of coronavirus.

ICICI Bank has an extensive network of branches and ATMs across the country. As per Bank's 2019 annual report, it has 4,874 branches and 14,987 ATMs. Most of these branches are rental property, as mentioned in a report in The Times of India.

Not just banks other establishments are also seeking a waiver of rent during the lockdown period. Recently the National Restaurant Association of India (NRAI) wrote an open letter to landlords, requesting them to waive rents up to June or until the time the lockdown continues.

Multiplex players, including PVR, Inox Leisure, Cinepolis India, and Carnival Cinemas, have also written to landlords and mall owners seeking a waiver of rent under the 'force majeure' clause during the time cinemas remain shut due to the coronavirus crisis.

Yesterday, the government decided to waive off the rent being paid by IT and ITes operating out of Software Technology Parks of India till June.

Union minister of electronics and IT, Ravi Shankar Prasad said in a tweet, "IT units/ startups operating from 60 STPI Centers across India have been granted waiver from paying rental for period between 01.03.2020 and 30.06.2020. This will benefit nearly 200 small & medium IT/ITeS units supporting 3000 direct jobs".

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