Government Savings Bank has forgiven more than 110,000 more NPLs from COVID-19 loans, hoping to help 830,000 vulnerable groups pay off debts, with a principal of 5.8 billion baht, after the government gradually allocated a budget to help pay off debts on behalf of small individuals.
Mr. Vitai Ratanakorn, President of the Government Savings Bank, revealed that according to the government’s policy to accelerate the resolution of household debt problems, especially for those with debts who are vulnerable groups, the Government Savings Bank has been assigned to help debtors. For self-employed people who have been affected by COVID-19 and have a non-performing loan status or NPLs, so that they do not damage their credit history and can access loans in the financial institution system as usual. In the past, the budget has been gradually allocated to compensate for damages from non-performing loans for the bank to pay off debts on behalf of the debtors.
In 2024, the bank paid debts on behalf of its debtors twice,
helping to clear debts for more than 720,000 debtors. Most recently, the bank received additional budget allocations from the government to immediately pay debts and close accounts for more than 110,000 debtors, a total of 3 times, so it has cleared debts for more than 830,000 debtors, totaling more than 5.8 billion baht in outstanding principal. It can be considered that the government has supported the budget to help reduce the burden on retail customers, while the Government Savings Bank operates without focusing on maximum profits, with profits at an appropriate level (Responsible Profit) and has expanded social assistance in all dimensions.
The measure to assist debtors with NPL status of the loan project for expenses for freelancers affected by the coronavirus (COVID-19) is in accordance with the Cabinet resolution on December 19, 2023 to provide assistance that is carried out only once in order to prevent financial indiscipline. The government has a policy to push for the resolution of debt problems f
or all groups of people to be successful and sustainable as a national agenda. -515- Thai News Agency Government Savings Bank has forgiven more than 110,000 more NPLs from COVID-19 loans, hoping to help 830,000 vulnerable groups pay off debts, with a principal of 5.8 billion baht, after the government gradually allocated a budget to help pay off debts on behalf of small individuals.
Mr. Vitai Ratanakorn, President of the Government Savings Bank, revealed that according to the government’s policy to accelerate the resolution of household debt problems, especially for those with debts who are vulnerable groups, the Government Savings Bank has been assigned to help debtors. For self-employed people who have been affected by COVID-19 and have a non-performing loan status or NPLs, so that they do not damage their credit history and can access loans in the financial institution system as usual. In the past, the budget has been gradually allocated to compensate for damages from non-performing loans for the bank to
pay off debts on behalf of the debtors.
In 2024, the bank paid debts on behalf of its debtors twice, helping to clear debts for more than 720,000 debtors. Most recently, the bank received additional budget allocations from the government to immediately pay debts and close accounts for more than 110,000 debtors, a total of 3 times, so it has cleared debts for more than 830,000 debtors, totaling more than 5.8 billion baht in outstanding principal. It can be considered that the government has supported the budget to help reduce the burden on retail customers, while the Government Savings Bank operates without focusing on maximum profits, with profits at an appropriate level (Responsible Profit) and has expanded social assistance in all dimensions.
The measure to assist debtors with NPL status of the loan project for expenses for freelancers affected by the coronavirus (COVID-19) is in accordance with the Cabinet resolution on December 19, 2023 to provide assistance that is carried out only once in order to pre
vent financial indiscipline. The government has a policy to push for the resolution of debt problems for all groups of people to be successful and sustainable as a national agenda. -515- Thai News Agency
Source: Thai News Agency