Indo Zambia Bank says it has launched a repayment relief packages in order to support its Corporate, Retail and individual Customers whose businesses have been adversely affected by COVID-19.
In a statement issued to Money FM News Indo Zambia Bank Managing Director Maheshkumar Bansal said the decision was arrived at due to the unprecedented nature of the novel COVID-19 Pandemic and its negative impact across various economic sectors and individual businesses.
Mr Bansal explained that the Bank believes that its customers negatively affected by the pandemic are in dire need of relief support, and is dutifully ready to stand by all of its customers in these challenging times.
“Given the unprecedented nature of the novel COVID-19 Pandemic and its negative impact across various economic sectors and individual businesses, Indo Zambia Bank has launched repayment relief packages to support our Corporate, Retail and individual Customers whose businesses have been adversely affected by COVID-19,” Mr Bansal said.
He further noted that the Bank’s initiative has been enabled by the Bank of Zambia Prudential Relief Measures in view of COVID-19 and as such, Indo Zambia Bank is able to provide relief in form of restructuring loans and giving repayment deferments for an initial three months period with particular attention being to Customers in sectors that are prioritized in the Seventh National Development Plan.
“With a nationwide branch network and a diverse financing portfolio across all critical economic sectors, Indo Zambia Bank believes that its customers negatively affected by the pandemic are in dire need of relief support, and is dutifully ready to stand by all its customers in these challenging times,” Mr Bansal said.
“The health and well-being of all our customers and their continued financial sustainability is of paramount importance to us thus this initiative to offer the Special Relief packages to them during this period of stress”
Mr Bansal added that besides the relief packages to Corporate Customers, Indo Zambia Bank will also extend relief packages to individual customers in good standing with the bank currently enjoying facilities such as mortgages and personal loans by providing them relief on interests and repayment periods, depending on the merits of their specific circumstances.
“Further as a gesture of support, Indo Zambia Bank has waived all charges on our Indo Net banking facility and our mobile banking platforms to encourage Customers to use these Safe, Cashless and Convenient digital Platforms to conduct their banking needs from anywhere at any time such as Bill payments, Money transfers, Bank to Wallet transfers and much more,” He explained