Bank of Ceylon (BOC) adopts a novel humanitarian approach in debt recoveries through a special recovery unit. BoC decided to review these customers’ businesses and help them to get into the main track of profitability, Mr Rohana stressed. These businesses are not viewed as past due customers with defaulters’ intent but businesses with genuine recovery ability and intent. Once the approval is granted the bank intends expanding this business revival policy to many sectors and accommodates the regions. The prerequisite in the revival scheme is the businesses should be able to submit to the bank an acceptable business plan.

Source: The Nation May 24, 2021 00:11 UTC