KUALA LUMPUR: Malaysia’s banks and Agensi Kaunseling dan Pengurusan Kredit (AKPK) have allocated RM1 billion to fund the cost of the reduction in interest/profit costs including interest/profit waiver for the vulnerable B50 customers.
This comes under a new co-created scheme called Financial Management and Resilience Programme (URUS).
The banking industry is represented collectively by the Association of Banks in Malaysia, Association of Islamic Banking and Financial Institutions Malaysia and Association of Development Finance Institutions of Malaysia.
In a joint statement today, the associations said the support provided by URUS would allow individual customers the breathing space to regain their financial footing.
“Under URUS, AKPK will provide the customer with a personalised financial plan that is developed holistically, taking into account the customer’s financial circumstances and ability to afford repayment of all the customer’s financing obligations.
“AKPK will help to monitor the financial plan throughout the programme and review the plan with the bank when the financial circumstances of the customer improve,” it said.
Individual customers who fulfil the criteria can apply for URUS through one of their banks from November 15 until January 31, 2022.
URUS complements the various assistance packages offered by banks and AKPK to help affected customers.
At AKPK, affected households and SME customers can avail themselves to other debt restructuring programmes such as the Debt Management Programme, Small Debt Resolution Scheme and the Financial Resilience Support scheme.
The associations said the programmes entailed features such as reduced monthly instalments, extension of tenures and financial resilience support programmes.
“As the economy is gradually opening up and recovering, we expect businesses to recover and this will result in higher employment and therefore income. While time is required for the full impact of recovery to take place, banks remain committed to provide assistance to all affected customers.
“Customers who do not satisfy the criteria for URUS are advised to contact their respective banks to discuss other financial repayment options that suit their own individual financial circumstances,” it added.
Source: New Straits Times