DISTRESSED taxi operators will breathe a sigh of relief at learning that banks are offering the economically-strained industry a much-needed reprieve in the form of payment holidays.
Transport Minister Fikile Mbalula announced this development during a media briefing this week, following the Ministry’s fruitful engagements with the Banking Association of South Africa.
The industry, like many sectors of the country’s economy, has seen profit returns dwarfed as it complied with lockdown regulations aimed at thwarting the spread of Covid-19.
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Last week president Ramaphosa announced that taxis traveling locally were permitted to load passengers to the vehicle’s full capacity. Inter-provincial taxis are still only allowed to load to 70 per cent capacity.
“We have also held productive engagements with the Banking Association of South Africa on further relief measures they can extend to the taxi industry,” said Mbalula.
During these engagements, said the Minister, banks were responsive to the department’s proposals to provide appropriate financial relief.
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“Individual banks have their own procedures and measures in place and will make the appropriate pronouncements in this regard,” he said.
Various banks have since offered repayment holidays and re-determination of the terms of agreement with individual borrowers.
“The banks will also in due course communicate their decisions to the borrowers and the public in this regard on their COVID-19-related relief measures,” said the Minister.
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