Under pressure, the Finance Ministry eventually announced that banks would waive the accrued interest during the moratorium period. This means banks would absorb the bill, which could be anywhere between RM1.3bil, as estimated by an analyst, and RM4bil.
BANKS are in a lose-lose situation. Borrowers frown upon them for making millions and expect them to make less money in tough times.
The government, meanwhile, is using financial institutions as a platform to ease the burden on borrowers saddled with loan repayments during the Covid-19 pandemic.
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