Banks won't disrupt services and will provide financial assistance for debtors instead, stresses TBA

March 20, 2020

Abstract : TBA member banks are ready to provide assistance to corporate customers facing operation difficulty as well as individual customers in accordance with the assistance package announced in February.

InfoQuest (March 19, 2020) -- Mr. Pridi Daochai, chairman of the Thai Bankers' Association (TBA), revealed that TBA held a meeting of member banks in the evening after a discussion with the Bank of Thailand (BOT) on the morning of March 18. He said that TBA member banks are ready to provide assistance to corporate customers facing operation difficulty as well as individual customers in accordance with the assistance package announced in February. This package includes allowing debtors to repay interest first without having to repay principal for the time being, lowering the monthly minimum repayment amount, and providing Soft Loan, a low interest loan to be launched in cooperation with the government. Now, TBA member banks are busy with contacting customers that need assistance. Customers who have or will encounter difficulties and have not received calls can contact the banks immediately.

As the COVID-19 epidemic situation is grim, the government has shut down certain types of service venues. Against the backdrop, TBA, TBA member banks and BOT have worked together out a service continuity plan to ensure that banks will not interrupt financial services and will offer all necessary services as before. For example, banks will prepare cash in ATMs to meet public withdrawal needs and ensure that their IT systems are working. Therefore, there is no need for the public to worry about not being able to use necessary financial services.

TBA reiterated that there is no need for customers and ordinary people to worry about bank services. Financial services, as a key part of the economic system, will continue to operate, especially payment system service. In this regard, many banks have introduced digital payment systems such as PromptPay to provide good services at a difficult time like this.

Source: InfoQuest, by Rachada Kongkhunthian/Sasithorn, translated by Xinhua Silk Road. Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.