Implementation of ‘Targeted Economic Support Scheme’ discussed – Gulf Today

Implementation of ‘Targeted Economic Support Scheme’ discussed – Gulf Today

Banks are urged to process more applications from individuals, corporates and SMEs whose business operations are affected by the implications of the pandemic.. Also as part of the regulations, banks are expected to retain sound lending standards and are required to treat all their customers fairly.. The eligible customers impacted by the effects of the pandemic will not be required to pay their respective bank any installments, consisting of principal and/or interest/profit, for the agreed deferment period.. The CBUAE expects all banks to fully participate in the Targeted Economic Support Scheme to actively mitigate the repercussions of the COVID-19 pandemic and provide necessary relief measures enabling the banking sector to continuously finance businesses and other economic sectors..