Banks halt loan demands for families of 54 missing Malaysians in Nepal floods
Banks in Malaysia have agreed in principle to halt loan repayments for the families of 54 Malaysians missing following floods in Nepal. Financial institutions are working on a framework to provide relief, such as moratoriums, while the legal status of the missing individuals remains unresolved.
Why it matters
This humanitarian effort addresses the financial distress faced by families who cannot access the assets or accounts of their missing relatives.
KUALA LUMPUR: Banks have agreed in principle not to seek loan repayments from the families of 54 Malaysians missing after the Nepal floods as an assistance framework is being worked out.
Malaysia Solidarity: Families in Hope (Masfih) spokesman Manivannan Rethinam said an understanding was reached followed a meeting with Bank Negara, banking associations, insurers and financial institutions.
He said Bank Negara had initiated a process for financial institutions to contact all affected families by Oct 16, with arrangements to be reviewed within two weeks.
"Most banks want to help. Some have indicated that they are willing to offer a moratorium without interest, penalties or additional commitments, although we have yet to receive written confirmation," he said in a press conference on Monday (Oct 12).
Manivannan said Masfih also presented a 35-page proposal on measures that can be taken by banks, which was positively received.
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