Business

CB extends concessions for businesses and individuals affected by COVID-19

The Central Bank of Sri Lanka (CB) on Wednesday announced that licensed commercial banks and licensed specialised banks have been requested to consider extending the concessions granted previously until 31.08.2021 to 31.12.2021 to borrowers affected by COVID-19, considering the new surge in the pandemic and the resultant difficulties to the borrowers.

Licensed banks have also been requested to offer additional concessions to affected borrowers, at their request, in a way that the overall benefits to the borrowers are not less than those specified by CB, the banking regulator said in a media release.

“These new concessions are expected to provide an opportunity for affected borrowers to make arrangements to repay their dues regularly commencing January 2022. It is also important to note that licensed banks too have been affected by continuous disruption of normal business, while they continue to honour their obligations, especially timely repayment of interest and/or capital to depositors and incurring a range of essential operating expenses,” it said.

The CB has urged eligible borrowers who can repay loans to commence/continue the repayments instead of requesting deferment or restructuring of credit facilities. Licensed banks are also expected to take note of the repayment capacity of affected borrowers and amicably agree on new repayment plans to facilitate customers to repay their dues without undue burden to their day-to-day activities.

The Circular No. 08 of 2021 issued to licensed banks on 01.09.2021 in this regard is published on the CB website (www.cbsl.gov.lk) and the eligible borrowers may contact the respective licensed bank/s or Financial Consumer Relations Department (FCRD) of CBSL, on hotline 1935 or Tel 0112 477966 or 0112 477129 to obtain more information.

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