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BRAC Bank has proactively enhanced and tailored its services and products to support its customers during the coronavirus pandemic.
The bank is actively engaging with regulators to support all customer segments through the official stimulus package, it said in a media statement on Saturday.
The bank is already working closely with its readymade garment sector and other such sectors so that they can continue paying wages and sustain their businesses.
Restructuring and re-finance proposals are being assessed on a case-to-case basis for corporate and commercial customers
In order to alleviate customer stress during the pandemic, BRAC Bank has offered a three-month moratorium on loan repayment to its Retail and SME customers and waived late payment fees for the Credit Card customers for three months.
The bank has also reduced interest rates to 9.0 per cent on variable-rate loan products from 1 April 2020 in line with Central Bank directives.
It has accelerated all digital and alternate banking channel capabilities to better support customers in transferring funds and making payments.
They can now use the bank’s internet banking and call centre for banking services without going to branches, according to the statement.
BRAC Bank has kept nearly 50 per cent of its branch network open during the general holidays to provide emergency banking services.
The bank has taken effective measures at its branches and offices to enhance Health and Safety for customers and employees.
Customers, visiting branches, are required to wear face masks, use foot-trays and hand-wash stations at branch entrances and use hand sanitizers inside premises.
Customer seating and queuing markers have been highlighted at branches to ensure social distancing.
Employee knowledge and awareness is being continuously updated through e-learning tools so that they can take appropriate measures at home and in branches and offices.
The bank is regularly updating all customer segments through email, SMS and social media. Relationship Managers are engaged with their respective customers on a regular basis.
Selim R. F. Hussain, managing director and CEO of the bank, said, “As a member of the ‘Global Alliance for Banking on Values’, BRAC Bank’s priority has always been values based - People, Planet and Prosperity for all.
“The bank’s objectives are also aligned with UN Sustainable Development Goals. In this difficult period, we are focused on:
1) Ensuring the Health and Safety of our customers and employees during the shut-down period and beyond;
2) Maintaining robust Operational & Technological infra-structure to service all Client Segments during the shut-down;
3) Enhancing all Digital and Alternate Banking Channel capabilities to support Customers; and finally,
4) Offering tailored benefits to all Client Segments to help them recover from the effects of the pandemic.
“Covid-19 has impacted the whole world! Economies have been forced into recession, societies are experiencing extreme stress and humanity is facing its greatest threat in many many decades!
“At BRAC Bank, many of us are still working at branches and offices but many more have been working from home with remote tech support. We have all embraced new hygiene measures and have applied social distancing.
“The 8,500+ BRAC Bank Family has never been so digitally inter-connected and or so closely bonded. Yes, we are reflecting on our priorities, both professional and personal, but we are also actively planning for the ‘new normal’. We will be ready for the future”
BRAC Bank has also dug deep into its CSR funds in this hour of national need. The bank has already donated Tk 50 million to the Prime Minister’s Relief Fund.
It has also donated 6,000 sets of CE-certified ICU-usage personal protective equipment (PPE) to a government hospital.
The bank’s management staff have voluntarily contributed two day’s salary and non-management staff have contributed one day’s salary, i.e., a total of Tk 17.3 million, from their April 2020 salary to a community emergency food assistance programme of BRAC.