RHB expands financial aid to COVID-19 affected customers with moratorium on loans

KUALA LUMPUR (March 18): RHB Bank and RHB Islamic Bank are now offering a moratorium of up to six months for loan repayments to customers affected by the Covid-19 outbreak, via its financial relief programme.

The programme also includes the restructuring or rescheduling (R&R) of loans and financing. The R&R treatment will be made available to viable businesses which include SMEs, as well as individuals, RHB Banking Group said in a statement today.

“RHB’s Covid-19 financial relief programme has been in place since 11 February 2020, to help ease the financial burden of businesses, particularly SMEs and households during this challenging period. We have so far received 119 applications from customers across all segments, involving total financing of about RM1.15 billion. We have also proactively identified 168 SME customers in heavily impacted sectors such as tourism and food and beverage, who are in need of financial assistance.

"A six-month moratorium is being offered to assist them during this challenging period. The bank will continue to proactively reach out to affected SMEs to ease their financial burden,” said the banking group's group managing director Datuk Khairussaleh Ramli.
 
On top of the bank's financial relief programme, Khairusalleh said Bank Negara Malaysia is also providing a RM2 billion Special Relief Facility, which will be deployed in the form of working capital to assist SMEs in alleviating short term cash flow problems.

"This is part of Bank Negara Malaysia’s Fund for SMEs, which was made available starting 6 March 2020. To-date, we have already received 135 applications, totaling more than RM100 million,” Khairussaleh added.

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