RBC Royal Bank has announced measures to provide relief to its clients in the Caribbean amid the ongoing coronavirus epidemic.
RBC, the Canadian-based financial institution, yesterday, March 18, said it automatically defer payment on credit facilities for most of its personal banking clients in the region.
According to RBC, deferrals began Monday, March 17 and will remain in effect until June 30 or until further advised.
“These measures are an important first step and underscore the resilience of the financial system and the critical role banks play in the economy.”– RBC Caribbean
Further, the bank said business and corporate banking clients are also eligible for the relief program, following individual assessments by representatives of the bank.
In outlining the eligibility criteria, RBC said “Personal banking or Business and Corporate banking client accounts must be current and in good standing as of March 2, 2020. Clients who are already participating in RBC relief programs for other circumstances are excluded from this program.”
It said the relief programme is to give its clients flexible financial solutions and assist them manage the impact of the coronavirus, which has infected approximately 200,000 people globally, such as pay disruption, childcare disruption due to school closures, or dealing with the COVID-19 illness itself.
“These measures are an important first step and underscore the resilience of the financial system and the critical role banks play in the economy. RBC will continue to monitor COVID-19 and the evolving economic conditions in each country and territory where the bank operates. RBC may consider other relief measures, if necessary,” the financial institution said.
RBC recently sold several of its Eastern Caribbean branches in Antigua, Dominica, Montserrat, St Lucia, and St Kitts-Nevis and its RBC Royal Bank Holdings (EC), to a regional consortium.