Union Bank continues to support customers during crisis

Union Bank is continuing its commitment to support and help the bank’s customers impacted by the COVID19 pandemic.

Explaining the various measures it has taken in a media release, the bank said it initiated steps to roll out the financial relief scheme recommended by the Central Bank in March, in a bid to help communities to recover from the financial impacts of the medium term.

As an immediate measure, the bank announced extensions for credit card dues in the month of March/ April along with extensions for other personal borrowing such as loans and leases.

The financial relief package which places focus on the bank’s corporate, SME and retail banking clientele include a threemonth debt moratorium for all personal loans of value less than Rs.1 million.

Self-employed personnel, foreign currency earners (both individuals and businesses), Small and Medium Enterprises (in the Agriculture, Manufacturing, Services, Construction and Trading sectors) and Corporates in Tourism, direct and indirect export related businesses including apparel, plantation, IT and related logistic services industries and others are eligible for loan repayment moratoriums of capital and interest from Union Bank up to six months.

The bank is also geared to support Corporate and SME Banking customers who seek working capital loans at low-interest rates to revive their business operations.

Commenting on the initiatives, Union Bank Director/CEO Indrajit Wickramasinghe said, “We are determined to do our part first by complying with all the guidelines issued by the authorities and secondly by contributing to the economic recovery of our customers affected by COVID- 19. Our branch managers and relationships managers have consistently kept in touch with the customers to ensure that they are well informed on the relief measures and are able to use the facilities being offered.”