BUSINESS

BANK RAKYAT ALLOCATES RM200 MLN FINANCING FACILITY FOR COVID-19

24/03/2020 08:22 PM

KUALA LUMPUR, March 24 -- Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) is allocating a RM200 million financing facility to assist entrepreneurs and cooperatives to address financial problems due to the impact of the COVID-19 pandemic.

Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the financing facility aims to assist entrepreneurs and cooperatives to lessen their short-term cash flow problems.

He said the financing facility is offered through the bank’s latest campaign ‘Bank Rakyat Cares’ focusing on three products -- Term Financing-i for micro entrepreneurs; Term Financing-i for small and medium enterprises as well as cooperatives; and Credit Card-i.

“Hopefully the campaign, which runs from March 23 to Sept 30, 2020, can assist entrepreneurs and cooperatives maintain business continuity and boost the country’s economy during this challenging period,” he said in a statement today.

Meanwhile, Bank Rakyat chief executive officer Datuk Rosman Mohamed said the campaign will benefit close to eight million customers including of Credit Card-i who have been given a profit rate discount of 50 per cent for cash withdrawals.

“In this way, customers  would have additional cash and are charged a lower profit rate than the existing profit rate,

“This initiative allows Bank Rakyat to assist credit card customers, 30 per cent of whom are in the B40 group, to manage their daily expenses,” he said.

Rosman said the financing facility initiative is in addition to Bank Rakyat’s existing financial aid programme, including a six-month moratorium on financing repayments offered to all individuals and businesses affected by COVID-19 besides Bank Negara Malaysia’s special relief fund.

-- BERNAMA 


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2024 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy