KUALA LUMPUR: Banks in Malaysia are ready to implement a six-month moratorium on loan repayments and restructure outstanding credit card balances involving about RM100 billion starting April 1.
RHB Banking Group said the bank was finalising implementation details on matters relating to the moratorium and other measures announced by Bank Negara Makaysia today.
“These will be shared with our customers through our RHB corporate website and social media platform in due course,” said an RHB spokesperson.
Prime Minister Tan Sri Muhyiddin Yassin earlier today said the move would ease the burden faced by small-medium enterprises (SMEs) and individuals as well as the corporate sector in facing the Covid-19 pandemic.
The measures include a six-month deferment for all loan/financing repayments beginning next month, applicable for all ringgit-denominated performing loans that have not been in arrears for more than 90 days as at April 1.
Citibank Malaysia chief executive officer Lee Lung Nien said the bank is fully committed to urgent implementation of the moratorium to support its customers.
“Our mission at Citi is to serve as a trusted partner to our customers by responsibly providing financial services that enable growth and economic progress.
“The community needs all the help they can get, and we see this move as a critical one for the country.
“We have always focused on making positive impact to our communities where we are present and will continue to respond appropriately to this evolving crisis,” he said.