PETALING JAYA: The Malaysian banking sector is stepping up measures to offer relief to help its customers amidst the Covid-19 crisis.
The Finance Ministry said various special assistance, loan facilities, restructuring and restructuring facilities and a six month moratorium on businesses, small and medium enterprises (SMEs) and individuals have been provided.
“In addition to providing assistance to SMEs to maintain their operations, protect jobs and encourage domestic investment, local banks have also taken steps to support individuals and SMEs, ” it said in a statement.
RHB Bank and RHB Islamic Bank said in a statement that it would continue to offer financial assistance through its financial relief programme for customers affected by Covid-19, via moratorium of up to six months for monthly instalment payments, or the restructuring or rescheduling (R&R) of loans and financing.
“The R&R treatment will be made available to viable businesses, which includes SMEs as well as individuals.”
Meanwhile, AmBank Group said it would continue to offer temporary payment deferment for affected customers, both individuals and businesses.
“In line with this measure, AmBank is proactively engaging with customers via our relationship managers to extend their trade bills by one cycle in order to further cushion the impact to cashflow.
AmBank is also offering a special relief facility comprising financing of up to RM1mil to SMEs affected by Covid-19.
“AmBank has established a simple process for those applying for this facility with approval provided within 24 hours and disbursement within five days of approval. We are working towards reducing the disbursement timeframe further.”
Public Bank and Public Islamic Bank said its businesses would be operating as usual during government’s movement control order from March 18 to March 31.
The bank said it is offering immediate moratorium of up to six months for the monthly installment payments of loans and financing.
“In addition, the bank will continue to accommodate requests by the affected customers to restructure or reschedule their loans and financing, to assist in their cashflow situation during this difficult time.”
Public Bank also said it is working concertedly with Bank Negara to offer a special relief facility (SRF) to SME customers.
HONG LEONG BANK BHD said it would assist SME customers to sustain their operations through Bank Negara’s SRF, which has an industry-wide RM2bil allocation.
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