7 key service required by all Thai banks during ‘disruption’

The Bank of Thailand is demanding all Thai financial institutions to continue providing 7 basic financial services, including money withdrawals, fund transfers, deposits, payments, cash management and settlement systems, in an effort to avoid potential Covid-19 related disruption.

Secretary-general of the Thai Bankers Association, Kobsak Duangdee, says after the conference call between all banks and the central bank, they’ve all come to an agreement…

“The central bank is requiring banks to rehearse internal operations so-called business continuity plans (BCPs), for several scenarios related to virus outbreak disruptions. Banks need to ensure that mobile banking will be available in an emergency. And as for branching services, they need to ensure hygienic and sanitation systems to contain the spread.”

Mr Kobsak say, the government’s soft loan measures through the Government Savings Bank up to 150 billion baht will help boost customers’ financial liquidity.

GH Bank president Chatchai Sirilai says “the seven services are considered crucial services that banks must continue operating and the bank’s BCP comprises three parts…

• First, splitting staff at headquarters into at least two teams and shifts to ensure available employees if one team is infected
• Second, allowing some employees at headquarters to work from home to reduce congestion.
• Third, the bank will move its backup facilities online in case of a lockdown of headquarters to ensure that financial services remain available

Bangkok Bank executive chairman Deja Tulananda says “the bank has stepped up measures under the BCP and the bank has prepared readiness for business operations.”

Moreover, the central bank is letting banks offer additional financial assistance to customers affected by the outbreak to ease their financial burden on a case-by-case basis. Banks are offering debt restructuring to both individual and commercial clients, including a ‘grace period’ of extending the period of electricity payments for specific businesses such as hotels and housing, interest rate cuts and also debt payment rescheduling. Read more about the power and water bill concessions HERE

SOURCE: Bangkok Post