BRAC Bank offers 3-month moratorium on loan repayment to retail, SME customers

Business Desk | Published: 23:22, May 02,2020


BRAC Bank has offered a three-month moratorium on loan repayment to its retail and SME customers and waived late payment fees for the credit card customers for three months during the coronavirus pandemic, said a press release.

The bank has also reduced interest rates to 9 per cent on variable-rate loan products from April 1 in line with the central bank directives, it said.

The bank is actively engaging with regulators to support all customer segments through the official stimulus package.

The bank is already working closely with its readymade garment sector and other such sectors so that they can continue paying wages and sustain their businesses.

Restructuring and re-finance proposals are being assessed on a case-to-case basis for corporate and commercial customers.

The bank has accelerated all digital and alternate banking channel capabilities to better support customers in transferring funds and making payments. They can now use the bank’s internet banking and call centre for banking services without going to branches.

BRAC Bank managing director and CEO Selim RF Hussain said, ‘In this difficult period, we are focused on: ensuring the health and safety of our customers and employees during the shut-down period and beyond, maintaining robust operational and technological infra-structure to service all client segments during the shut-down, enhancing all digital and alternate banking channel capabilities to support customers and offering tailored benefits to all client segments to help them recover from the effects of the pandemic.’

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