Monday, May 20, 2024
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Fee, charge waiver for interbank fund transfers extended

Brunei Darussalam Central Bank (BDCB) yesterday announced that the banking sector is extending the period to waive the fees and charges (excluding third party charges) for local online interbank fund transfers via the Real Time Gross Settlement (RTGS) and Automated Clearing House (ACH) systems for another six months, until December 31 for bank customers. This is to provide extended support for businesses and individuals transitioning to the new normal created by COVID-19.

The waiver first took effect inn April 2020 as part of a set of interim measures introduced by the banking sector to address the impact of COVID-19. The waiver also aims to encourage the general public to practice social distancing by utilising existing digital payment platforms offered by banks and other payment service providers.

In addition, after June 30, BDCB ceased providing the temporary regulatory flexibility to banks and finance companies that was introduced on April 1, 2020. The flexibility was a means to assist the banking sector to offer temporary and timely assistance to businesses and individuals affected by the start of the COVID-19 pandemic. From July 1, further assistance from the banking sector will be subjected to the discretion of respective banks and finance companies.

Businesses and individuals, who were granted temporary assistance by their banks and finance companies, should continue to engage their respective banks or finance companies.

Borrowers able to resume normal loan or financing repayments should make arrangements to do so to avoid unnecessary debt accumulation, whereas borrowers who continue to be financially affected are advised to approach their banks and finance companies to work out alternative repayment solutions as early possible.