Help the people, not the banks, finance ministry told
PETALING JAYA: The finance ministry and Bank Negara must address lingering issues with the loan moratorium to ensure borrowers are not saddled with additional fees that only protect the banks, Umno Youth chief Asyraf Wajdi Dusuki has said.
Asyraf said Umno Youth had received many complaints from borrowers whose terms were extended when they deferred their loan payments, resulting in higher total payments when the loan matures.
“This means that the bank does not lose anything and even makes more profit, in other words, the bank takes advantage of the difficulties of the people,” he said in a Facebook post.
“The finance minister must be more sensitive to their plight and think creatively and innovatively on how to help the people during the pandemic.”
His statement was made in response to comments by finance minister Tengku Zafrul Aziz in a television interview that banks would stand to lose RM20 billion if they were to waive all interest payments during the newest loan moratorium.
Asyraf said there were a number of ways the ministry and Bank Negara could encourage banks to waive loan interest and fees during the moratorium.
He suggested that participating banks be offered tax breaks, or a special fund set up through which a bank’s losses could be reimbursed.
“Let us remind the banking industry, do not forget the events of the financial crisis of 1997-98, when billions worth of people’s money was used to save the banks.”
Now that the people were in trouble, he questioned whether the banks were reluctant to make sacrifices for the sake of the people who are in need. - FMT
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