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The Korea Banks Association announced on the 31st that the banking sector had executed 527.8 billion won under a voluntary program for livelihood financial support by the end of last year. This is 88% of the initial target amount of 597.1 billion won.

According to the Korea Banks Association, in order to enhance the beneficiaries' perception, the banking sector allocated 197 billion won, which is 64% of the executed amount (306.4 billion won) excluding the grants to the Korea Financial Services Agency, to cash assistance. The grants to the Korea Financial Services Agency amounted to 221.4 billion won out of the total execution of 527.8 billion won. Cash assistance includes support for expenses such as electricity and communication fees, financial support for guarantees, costs for introducing digital devices, and interest cashback.

The banking sector plans to conclude the existing common program by the end of April and integrate the unexecuted amounts into a voluntary program for execution.