Suspend loan payments of flood victims, Malaysian banks urged

Suspend loan payments of flood victims, Malaysian banks urged

MALAYSIA - All banks have been urged to provide a moratorium on loan payments to customers affected by the floods.

Party president Datuk Seri Najib Tun Razak said this would help alleviate the victims' hardship.

He praised Maybank for offering a suspension on payments, adding that all banks should do the same.

"As Finance Minister, I hereby ask all banks to provide a temporary moratorium," said Najib in his winding-up speech.

On Thursday, Maybank announced a six-month cessation on monthly loan instalment payments and waiver of certain charges based on a case-by-case basis for customers in Pahang, Johor and other areas affected by the floods.

In a statement, the bank said the suspension of payments was being extended to business banking, small and medium enterprise (SME) banking and consumer banking customers, between December 2013 and May 2014.

Najib also announced a RM500 cash aid for flood victims as a gesture of the Government's empathy for the difficulties they faced.

"I feel very sympathetic for our friends affected by the floods ... I know that they must be going through a very difficult time at this moment," he said.

Najib, who had rushed back to Pahang to observe the situation after opening the assembly on Thursday, said his deputy Tan Sri Muhyiddin Yassin, who is also National Disaster Management Committee chairman, had visited the flooded areas and had issued directives to all government departments and agencies to provide help to the flood victims.

After the assembly, Najib witnessed the presentation of a RM500,000 cheque from Malaysian Resources Corp Bhd (MRCB) to the NSTP-Media Prima Flood Relief Fund.

The cheque was handed over by MRCB group managing director Datuk Mohamad Salim Fateh Din.

Salim said the contribution was part of the company's corporate social responsibility programme in contributing to the less fortunate.

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