KB Kookmin Bank will implement a special debt relief programme to ease the debt burden of socially disadvantaged people, including basic livelihood recipients and near-poor households. It will cut the principal on special claims by up to 90 percent to support credit recovery and a return to economic activity.

KB Kookmin Bank said on July 12 it will roll out the programme for socially disadvantaged people from July 13.

Under the programme, the bank will cut up to 90 percent of the principal on special claims held by eligible borrowers. It was designed to reduce the debt burden of customers who face difficulties in financial transactions due to long-term delinquency and to help normalise financial transactions and support a return to economic activity.

Eligible recipients include basic livelihood recipients, near-poor households, people with severe disabilities, those assessed with an injury disability rating, victims of Agent Orange exposure, disaster victims and wildfire victims, and teenage single-parent families.

KB Kookmin Bank also simplified screening procedures so customers struggling to make a living can receive support quickly.

A KB Kookmin Bank official said, "We will continue to faithfully carry out finance's social role and consistently practise inclusive finance that supports customers' recovery and self-reliance."