Banks assist taxi industry with financial relief
Transport Minister, Fikile Mbalula announced on Thursday that the banking sector is set to assist government with financial relief for the taxi industry.
He was briefing the media on the additional regulations for the public transport sector under level 3 of lockdown.
"We are happy to indicate that the banks have been responsive to our proposals to provide appropriate financial relief. Individual banks have their procedures and measures in place and will make appropriate pronouncements in this regard," said Mbalula.
Last month the taxi industry rejected government's R1 billion once-off relief package.
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Taxi associations reached a deadlock in negotiations with government, saying they lost billions of rands due to the lockdown.
Mbalula said various banks have offered repayment holidays and re-determination of the terms of agreements with individual borrowers in the taxi industry.
"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," he noted.