CIs restructure debt payment term for 271,000 customers

24-Sep-2020 Intellasia | Thoi bao Ngan hang | 6:02 AM Print This Post

Information of the State Bank of Vietnam (SBV) showed that as soon as the pandemic occurred, the agency has actively and promptly directed credit institutions (CIs) to review and evaluate the impact of the pandemic on customers, build action programmes and scenarios to carry out solutions to remove difficulties for borrowers.

The SBV also instructed the National Payment Corporation of Vietnam (Napas) and CIs to reduce/ exempt payment service fees, offer free money transfer service via bank accounts for supporting the Covid-19 pandemic prevention and control and the saline intrusion, reduce payment service fees for beneficiaries through online banking payments.

Following the instructions of the SBV, the system of CIs has urgently implemented measures to support customers and achieved positive results. The credit support is performed according to Circular 01/2020/TT-NHNN on rescheduling debt repayment terms, cutting/ exempting fees, maintaining debt groups to support customers hit by the Covid-19 pandemic (Circular 01).

Accordingly, as of September 14th 2020, CIs has rescheduled debt repayment terms for more than 271,000 customers with an outstanding credit of 321 trillion dong; reduced/ exempted interest rates for nearly 485,000 customers with an outstanding credit of 1,180 trillion dong. particularly, CIs has offered new loans at preferential interest rates (0.5 2.5 percent less than the rates before the pandemic outbreak) with an accumulated revenue of 1,600 trillion dong for 310,000 customers from January 23rd until now.

The Bank for Social Policies alone has extended the debts for over 162,000 customers with an outstanding credit of about 4.067 trillion dong, adjusted repayment terms for over 75,200 customers with an outstanding credit of nearly 1.6 trillion dong, and offered new loans to more than 1,400,000 customers with an outstanding credit of over 55 trillion dong.

Regarding the payment service fee reduction and exemption, the total fees that CIs have lowered/ exempted for customers via Napas by the end of 2020 reached about 1.004 trillion dong. As expected, by the end of 2020, the payment fee revenue of the SBV will decline by about 285 billion dong to support CIs to further lower interbank money transfer fees for people and businesses.


Category: Finance, Vietnam

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