Rich Banks Tarik Balik New DuitNow Surcharges

After a moment of hesitance and a lack of information from the authorities on the matter, it was made clear that rich banks in Malaysia were going to charge some bucks for the DuitNow transactions. The story became viral for the reasons you know dear readers but then, it was a defeat for the banking sector. In the current volatile environment after the long lockdowns due to COVID-19, the banks and the authorities must be very careful about taxes, fees and summonses.

Rich Banks

PM Anwar himself yesterday said the following: “Some countries are facing major social unrest due to the restriction of rice exports and the increase in export taxes imposed on onions, for example.” Hence, the government has to control the bankers and put a cap on the OPR in order to keep speculation down. Small commerce owners raised their voices and that forced the tarik balik situation.