COVID-19 Monetary Measure Phase 1
On 10th of April 2020, His Majesty The King, during His televised Royal Address to the nation on COVID-19 pandemic most generously granted Kidu of loan deferment and interest waiver to reduce the financial difficulties faced by Bhutanese.
Following the Royal Command, the Royal Monetary Authority (RMA) issued ‘Monetary Measures’ with the Standard Operating Procedures (SOPs) to be provided for 3 months (April-June 2020), for all financial providers in the country, including Microfinance Institutions to implement on its borrowers (documents need to be attached).
Accordingly, CareCredit successfully implemented the COVID-19 monetary measures (phase 1) from April – June 2020. A total of 49 clients benefited from COVID-19 monetary measure of loan deferment and interest waiver. Interest amounting to Nu. 623,954.51 was waived off from the clients of which 50% was borne by CareCredit and 50% by the government.
COVID-19 Monetary Measure Phase 2
After completion of COVID-19 Monetary Measure on 30th June 2020, RMA issued COVID19 Monetary Measure Phase 2 starting from 1 July 2020 to 30 June 2021. CareCredit has worked out an action plan to bring in clarity, transparency and uniformity in implementing the new measures.