Six months relief for income affected loan transactions
The Central Bank of Sri Lanka has requested the licensed banks to provide appropriate relief for a period of 06 months to loan customers whose income or business has been adversely affected due to the current economic situation and the Covid-19 epidemic situation, in a manner where there is no unnecessary stress on the stability of the banking sector.
These concessions will be given on a case-by-case basis based on the individual's ability to repay future loans and the viability of businesses/projects.
With the spread of the Covid-19 pandemic situation, the Central Bank of Sri Lanka introduced several schemes to provide relief to affected loan customers from March 2020.
These include granting of grace period, restructuring or rescheduling of loans, suspension of debt recovery measures, provision of low-cost working capital loans and removal of fees charged for certain banking transactions.
However, these grace periods have now ended.
But, taking into account the existing macroeconomic challenges and the requests made by many stakeholders including government institutions to provide additional relief, the Central Bank of Sri Lanka has requested the licensed banks to provide appropriate relief for a period of six months.
The complete notice is as follows.