Bafia To Become Mafia?

Thursday July 3, 2008
Bank Negara’s move criticised
PETALING JAYA: Consumer groups have criticised Bank Negara’s move to abolish the 20-day interest-free period for new retail transactions for credit card holders who settle a partial or minimum payment of their outstanding amount.
They said the move only enriched the banks with easy profits rather than help those who were already facing problems with credit card debts.
“Banks should be more sympathetic towards consumers. Some banks are getting richer at the expense of people’s misery. Don’t let Bafia (Banking and Financial Institutions Act) become mafia,” Malaysia Consumer Association of Malaysia president Datuk Dr Makmur Osman said when responding to the Bank Negara ruling, which took effect on Tuesday.
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