LABUAN: Indian Chamber of Commerce and Industry chairman Datuk Dahlif Singh praised Bank Negara Malaysia (BNM) on its recent prompt action in instructing an affected bank to refund RM24 million that was siphoned from fixed deposit accounts of holders through unauthorised withdrawals by the bank employees who now face court action.
“The Central Bank’s quick response ensured that public trust in banks is not shaken,” he said.
He said this was important because if trust is lost some may resort to the old-fashioned way of hiding their hard-earned savings at home.
Such savings were important particularly for the elderly who rely solely on it for their monthly spending “They will be traumatised if savings suddenly disappear.”
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In Kuala Lumpur the Central Bank inaccordance to guidelines imposed an Administrative Monetary Penalty (AMP) of RM 4.32 million and RM760,000 on another bank for prolonged disruptions due technical reasons.
On digitalisation of finance transactions and the phasing out of counter services Dahlif said:
‘’Though its a progressive step it should not be rushed and flexibility be allowed on cash withdrawals/payments services as senior citizens lacked skill. They may have to depend on others and, thereby, become vulnerable to scammers.”
He said while some banks many a choice of using ATM machines or payment over the counter some preferred cashless.
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