PM wants banks to spare petty traders from legal action over loan repayments

Prime Minister Ismail Sabri Yaakob today called on all commercial banks not to take legal action against hawkers and petty traders who failed to repay their loans.

Instead, he said the banks should emulate the initiative taken by the financial institutions under the Entrepreneur Development and Cooperatives Ministry (Medac), such as Bank Rakyat and SME Bank, not to take any legal action against the group if they failed to make repayments until June 2022.

He said other financial institutions...