In order to alleviate customer stress during the pandemic, the bank has offered a three-month moratorium on loan repayment to its retail and SME customers
Brac Bank has enhanced and tailored its services and products to support its customers during the coronavirus pandemic.
In a media statement issued on Saturday, the bank said it is actively engaging with regulators to support all customer segments through the government-announced stimulus package.
The bank also claimed it 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, the 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 percent on variable-rate loan products from 1 April 2020 in line with Central Bank directives.
The bank 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.
Brac Bank has kept nearly 50 percent of its branch network open during the general holidays to provide emergency banking services, the press release said, adding that 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 facemasks, 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.
Brac Bank has also dug deep into its CSR funds in this hour of national need. The bank has already donated Tk5 crore 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 staffs have voluntarily contributed two day's salary and Non-Management Staff have contributed one day's salary, i.e., a total of Tk1.73crore, from their April 2020 salary to a community emergency food assistance programme of Brac.
Selim RF Hussain, managing director and CEO of Brac Bank, said: "As a member of the 'Global Alliance for Banking on Values', Brac Bank's priority has always been values based on people, planet and prosperity for all. The bank's objectives are also aligned with UN Sustainable Development Goals."
The Brac Bank MD noted that in this difficult period, the bank authorities are focused on ensuring the health and safety of their customers and employees during the shut-down period and beyond; maintaining robust operational and technological infra-structure to service all client segments during the shut-down; enhancing all digital and alternate banking channel capabilities to support customers; and offering tailored benefits to all client segments to help them recover from the effects of the pandemic".
"At Brac Bank, many of us are still working at branches and offices but many more have been working from home with remote technological support. We have all embraced new hygiene measures and have applied social distancing."
The Brac Bank family consisting of 8,500 plus members has never been so digitally inter-connected and or so closely bonded, he said. "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."