The bank is also taking steps to make it easier for customers to access cash without penalties to help stop cash flow problems.

A spokesperson for RBS said: “We are monitoring the potential impact of Coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.

“We have a strong track record in working with our customers who are affected by disruption outside of their control.”

The bank said it will support personal customers who have been affected by the outbreak in five ways:

• Mortgage and loan repayment deferral for up to three months
• Customers can close fixed savings accounts to access cash with no early closure charge
• Refunds on credit card cash advance fees
• Customers can apply for increased temporary credit card limit
• Customers can request an increased cash withdrawal limit of up to £500

According to The Guardian, RBS has also directly contacted 5,000 customers to offer supports.

The move follows the decision to suspend all mortgage payments across Italy in an attempt to soften the economic blow which will arise from the country-wide Coronavirus lockdown.

RBS also announced yesterday that it would provide financial support to SME’s across Scotland, including a £350m Working Capital Support extension to its successful Growth Funding Package, ongoing support and practical advice for businesses.