ComBank ‘Arunella’ brings multiple COVID-19 relief initiatives to customers
View(s):The Commercial Bank of Ceylon, as its commitments to providing relief to businesses affected by the COVID-19 pandemic continue to grow exponentially, has announced the launch of ‘Arunella’ – a Financial Support Scheme that will bring together its multiple initiatives in this sphere, enabling sharper focus and better integration of schemes.
The bank said in a media release that its Arunella Financial Support Scheme would encompass 11 different programmes already implemented by the bank for affected businesses and individuals as well as a 12th initiative just unveiled to provide relief beyond the expiry of current debt moratorium periods.
The latest relief programme consists of Special Payment Relief Schemes that will extend special concessions for several months beyond the existing debt moratoria to help customers that continue to be affected by the economic fallout of the COVID-19 pandemic, the bank said in a media release.
These concessions include flexible payment options, up to 20% rebates on accrued interest during the moratorium periods, extension of moratorium periods for up to another six months, further reductions on Credit Card repayments and applicable interest rates, and Debt Consolidation Plans.
“We are very conscious of the fact that a large number of borrowers are going to need support longer than originally envisaged when the Central Bank announced the moratorium periods for different categories of borrowers,” Commercial Bank Managing Director S. Renganathan said. “Our relationships with our customers are for the long term, and must carry them through good times and bad. This is the thought behind the formulation of this latest Payment Relief Scheme as well as the launch of Arunella.”