Royal Bank of Canada (RBC) announced its plan yesterday to provide financial relief to its Caribbean clients who have been negatively impacted by the coronavirus (COVID-19).
RBC noted in a press statement that customers can benefit from an automatic three-month deferral on credit facilities.
“Business and corporate banking clients are also eligible for the relief program, following individual eligibility assessments with an RBC representative,” the statement noted.
“Automatic payment deferrals will be applied as of March 17, 2020 and remain in effect until June 30, 2020, or until further advised.
“To be eligible for the program, 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.”
RBC said its relief program is designed to help its clients manage the fallout from coronavirus, disruptions to salaries, childcare due to school closures, or battling the virus 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,” the statement noted.
“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.
“RBC has a long history of standing by Caribbean clients through challenging times and this commitment will continue throughout this crisis and beyond.”