"Banks Roll Up Sleeves to Support Myanmar and India in Turmoil"

[Asia Economy Reporter Kiho Sung] Domestic commercial banks are rolling up their sleeves to support Myanmar and India, which are experiencing turmoil. In particular, they are focusing on providing the most needed support locally, which is expected to help improve relations with South Korea.

According to the financial sector on the 19th, NH Nonghyup Bank recently delivered 50 'medical oxygen generators' to India, which is suffering from the rapid spread of COVID-19, through the 'Indian Red Cross Society' and the 'Embassy of the Republic of Korea in India.' The oxygen generators delivered this time will be used in local medical institutions as well as among the Korean community and expatriates in India to support the medical environment in the region.

The number of new COVID-19 infections in India has reached an average of 380,000 per day as of last month due to the spread of the highly transmissible 'double mutant virus (B1617)' and religious events, but there is a severe shortage of quarantine and health supplies and medical facilities for treatment.

President Kwon Junhak of NH Nonghyup Bank said, "Upon hearing about the severe damage caused by COVID-19 in India, we participated in the donation to help overcome this difficult time even a little," adding, "We hope the situation will calm down soon so that Indian citizens and the Korean community can regain a healthy daily life."

Earlier, Hana Bank decided to waive 100% of overseas remittance fees for Myanmar workers residing in South Korea when sending salaries to their families in their home country. This overseas remittance fee waiver for Myanmar was prepared to assist Myanmar workers residing in South Korea in consideration of the recent difficulties in Myanmar.

The overseas remittance fee waiver period is until July 31, and during this period, it applies to all channels of Hana Bank, including branch counters, internet banking, smartphone banking, ATMs, and ARS, both face-to-face and non-face-to-face. All fees incurred domestically for overseas remittances, including telegraph fees, will be 100% waived.

A Hana Bank official said, "We hope that Myanmar workers residing in South Korea can work with peace of mind without worrying about their families in their home country as soon as possible."

As of the end of March 2021, there are about 25,000 Myanmar nationals residing in South Korea, who are currently facing difficulties due to the situation in Myanmar.

This content was produced with the assistance of AI translation services.