KUALA LUMPUR: RHB Bank Bhd and RHB Islamic Bank Bhd is offering financial relief programme via moratorium of monthly installment for customers affected by COVID-19.
The moratorium encompass of up to six months for monthly installment payments, or the restructuring or rescheduling (R&R) of loans and financing.
This financial assistance will be made available to viable businesses, which includes small and medium enterprises (SME) as well as individuals.
“RHB’s COVID-19 financial relief programme has been in place since 11 February 2020, to help ease the financial burden of businesses particularly SMEs and households during this challenging period.
"We have so far received 119 applications from customers across all segments involving total financing of about RM1.15 billion.
"We have also proactively identified 168 SME customers in heavily impacted sectors, such as tourism and food and beverage, who are in need of financial assistance," RHB Banking Group group managing director Dato’ Khairussaleh Ramli said in a statement today.
He said a 6-month moratorium is being offered to assist them during this challenging period and the bank will continue to proactively reach out to affected SMEs to ease their financial burden.
In addition to our Financial Relief Programme, Bank Negara Malaysia (BNM) is also providing a RM2 billion special relief facility (SRF), which will be deployed in the form of working capital to assist SMEs in alleviating short term cash flow problems.
This is part of BNM’s fund for SMEs was made available starting 6 March 2020.
"To-date we have already received 135 applications totaling more than RM100 million,” Khairussaleh said.
The fund for SMEs comprises three components, namely the SRF and Agrofood Facility (AF) to increase food production, with an allocation of RM1 billion and the SME Automation and Digitalisation Facility (ADF) to incentivise SMEs to automate processes and digitalise operations, with an allocation of RM300 million.
With exception of AF which runs from 6 March 2020 onwards, the SRF and ADF are valid from 6 March 2020 until 31 December 2020.