Republic Bank announces 6-month halt on payments for personal, mortgage loans
DPI, Guyana, Tuesday, March 24, 2020
In response to the anticipated economic impact as a result of the novel coronavirus (COVID-19) pandemic, Republic Bank Limited is deferring the payment of loans and has reduced the interest rate on overdrafts.
Waivers have also been instituted late fees for loan payments, late and over-the-limit fees on credit card; penalties for early withdrawal of Certificates of Deposit and on disposable commercial depository wallet fees. The limits for overdraft and credit cards will also see increases on a case-by-case basis.
Upon request, Republic Bank will institute a moratorium on loans for up to six months, for Small and Medium Enterprises (SME), commercial and corporate customers. On a case-by-case basis, customers can also benefit from debt restructuring services.
The Bank of Guyana has approved a modification of the banking hours from 8am – 12 noon as a precautionary measure to protect staff and clients from COVID-19. The new hours will be in effect until April 3, 2020.
Banking institutions that have implemented the new work hours include Demerara bank, Scotiabank, Guyana Bank for Trade and Industry (GBTI), Hand and Hand Trust, New Building Society (NBS), Guyana Americas Merchant Bank, Bank of Baroda and Citizens Bank.
The Guyana Association of Bankers Incorporated (GABI) has advised customers to use online service, mobile banking to monitor accounts, make balance payments and transfer funds. Further ATM services, debit and credit cards, night deposits and drive thus can also be used as alternatives.