Banks to waive interest, penalty charges during moratorium, says govt

PUTRAJAYA: Banks will waive the compounded interest and penalty charges incurred during the six-month loan moratorium under the National People’s Well-Being and Economic Recovery Package (Pemulih), said finance minister Tengku Zafrul Aziz.

He said the government had raised the matter with the banks during their meeting recently and they had agreed to it.

“Report and complain if the banks raise a compound (interest) and charge a penalty (on the moratorium),” he said at a press conference today.

Yesterday, Prime Minister Muhyiddin Yassin announced a six-month moratorium on loan repayments for individual borrowers across all income brackets.-BERNAMA