The Korea Federation of Banks said on Wednesday that the banking sector has completed paying 360 billion won in contributions to the New Start Fund, which is being promoted to provide socially vulnerable people with a chance to recover.
All 20 domestic banks joined the contributions to help long-overdue small business owners and vulnerable groups get back on their feet and to fulfill their social responsibility.
The banking sector's 360 billion won contribution accounts for more than 80 percent of the 440 billion won in total private contributions. All domestic banks quickly completed the contribution process to play a leading role in social integration.
Cho Yong-byeong, chairman of the Korea Federation of Banks, said he hopes the contribution will serve as a catalyst for a virtuous cycle that goes beyond easing the debt burden of vulnerable groups and leads to their return to economic activity and social integration. He said the banking sector will continue efforts in inclusive finance, including support for debt restructuring for vulnerable groups, and will keep fulfilling its social responsibility.
Ji-young Lee
ljy@d-today.co.kr