Economist: Banks’ targeted assistance appropriate

Banks’ targeted assistance approach to help needy customers is viewed as the most appropriate solution for now as the movement control order (MCO) 3.0 would likely be a short one.

The acceleration of the ongoing vaccination programme to curb the spread of Covid-19 is expected to drop in the number of cases soon said an economist.

Juwai IQI chief economist Shan Saeed (file pic) said with the economic growth outlook to stand at between 3% and 4% for 2021, which is highly desirable in the current scenario, both customers and banks needed to assess the position at this point of time.

“All banks and financial institutions are responsible to their stakeholders for their performance and profit earned during the year.

“It is a very challenging environment during the Covid-19 ambience, and banks need to operate profitably.

“So, providing targeted approach assistance while guiding customers on how to manage their finances and debt going forward would be the smartest way for banks to strengthen customers financial management, ” he told Bernama.

Read more: The Star

Source: The Star

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