KUALA LUMPUR (Jan 15): A number of banks have responded to the national call for moratorium assistance and flood aid relief, especially for those affected by the current flood situation.
Since Monday, 13 banks, namely Affin Bank Bhd, RHB Bank Bhd, Public Bank Bhd, Malayan Banking Bhd (Maybank), Bank Simpanan Nasional Bhd, Bank Muamalat Malaysia Bhd, CIMB Bank Bhd, Bank Islam Malaysia Bhd, Alliance Bank Malaysia Bhd, Hong Leong Bank Bhd (HLB), SME Bank, OCBC Bank (Malaysia) Bhd and Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) have rendered financial assistance to customers affected by the floods, with the number of evacuees reaching 48,000.
The banks are offering a loan moratorium for up to six months, with some providing deferment of loan instalments and the waiver of late payment charges.
Affin Bank, CIMB, HLB, OCBC and Bank Rakyat have donated a total of RM1.6 million to government agencies and non-governmental organisations (NGOs).
The massive floods have affected six states, namely Kelantan, Terengganu, Pahang, Johor, Perak and Sabah.
The nationwide state of emergency proclamation on Tuesday has also prompted Credit Guarantee Corporation Malaysia Bhd, the Credit Counselling and Debt Management Agency (AKPK), the General Insurance Association of Malaysia (PIAM) and the Life Insurance Association of Malaysia (LIAM) to step forward to offer help.
“PIAM assures flood victims, who have purchased a flood cover as part of their general insurance policy, that its members are ready to quicken the claims process and pay out claims against losses caused by the current flood situation.
“Member companies are committed to expediting flood claims settlements by reaching out to claimants and prepared to waive claim forms and supporting documents for shorter turnaround time,” it said in a statement.-The Edge Market