The global outbreak of pandemic Covid-19 has caused major financial losses to worldwide economies as well as Bangladesh; the Bangladesh government and Bangladesh Bank, along with The Premier Bank Limited are ramping up efforts to mitigate the situation in the country.
A Global Economic Crisis
The biggest economies in the world are experiencing historical slumps and feared to experience the worst recession of our lifetime. Conservative estimates indicate that most major economies will lose at least 2.4 per cent of the value of the gross domestic product (GDP) over the coming year, leading economists to reduce their forecasts of global economic growth down from approximately 3.0 per cent to 2.4 per cent.
Prompt Government Response
According to the ADB (Asian Development Bank), the Covid-19 pandemic could wipe out $3.02 billion off Bangladesh’s $300 billion-plus economy if the crisis goes out of hand. In such a scenario, according to ADB analysis 894,930 jobs will be lost. The projected GDP growth of 8.2 per cent for 2020 may slump to 2 to 3 per cent—that is, economic growth may settle somewhere between 5 to 6 per cent. To protect our economy from the impending global recession, the government of Bangladesh has announced a massive stimulus package.
Leading from the Front
The Premier Bank Limited has also taken several initiatives to alleviate the current hardships everyone is facing and to mitigate the dire risks posed by Covid19. They have teamed up with our valued business partner Overseas Marketing Communications Ltd and established 7 Covid19 testing laboratories in 7 hospitals across the country. They are also the banking partners of Gonoshasthaya-RNA Biotech Limited, a concern of Gonoshasthaya Kendra, who has developed a method to test COVID-19 that gives results in around 15 minutes. The company has also been facilitating the import of Raw Materials and Reagents used to develop this CoronaVirus Kit so they may reach the people at the earliest possible time.
Increasing Digital Accessibility
Motivated by its ethos of taking greater responsibilities and challenges, Premier Bank Limited has volunteered to share some of the fiscal responsibility of the emergency relief fund developed to combat the spread of COVID-19 led by Honorable Prime Minister Sheikh Hasina herself. They have also strengthened the bank’s Internet and mobile banking services and are working towards making our online platform all-encompassing terms of our services to let customers avail the full range of services from the safety and security of their home.
Alternative Delivery Channels
Premier Bank Limited has also integrated Covid19 public safety protocols within their company slogan and is constantly encouraging our customers to adopt these as best practices to ensure everyone’s safety. They have focused on developing ADC (Alternative Delivery Channels) has been a powerful tool in mitigating the Covid19 effects on the customers. The Premier Bank Limited has a fully functional Internet Banking system, where most of the services are available online.
“Pmoney” is one of the best mobile applications among all the regional banks and is capable of delivering any banking service at any time of the day. A highly devoted team working behind the scenes of our social media platform on Facebook to respond to queries within moments and a robust support team at the dedicated call centre at ‘16411’ responding to queries coming over the phone. In line with the company’s motto “Service First,” Premier Bank Limited has kept numerous branches open albeit during limited banking hours to provide uninterrupted service to the customers without access to the Alternative Delivery Channels.
The activities of the company are led by its Chairman, Freedom Fighter, Dr H. B. M. Iqbal. He has been leading the company to new heights in this difficult period. Advisor Muhammed Ali and Managing Director and CEO M. Reazul Karim, FCMA has also been providing us with constant guidance and support in establishing this vast array of standardized services.
The Premier Bank Limited has demonstrated their principles and beliefs throughout our existence by helping local communities find solutions to real social, economic, and environmental issues and will continue to strive in our journey towards achieving a better, safer tomorrow for both our customers and our society.