BESUT, July 29 (Bernama) -- Bank Negara Malaysia (BNM) needs to review
the regulation on reducing the repayment period for loans taken from
cooperatives which is expected to hinder the growth of cooperatives
whose members generally comprise civil servants.
Source from (Bernama): http://www.bernama.com/bernama/v7/ge/newsgeneral.php?id=966838
Published: July 30, 2013
Koperasi Guru-Guru Terengganu Berhad (KOGURU) chairman, Alias Yahya said
the regulation enforced by the BNM effective July 1 would to a certain
extent affect the activities of credit cooperatives such as the Koguru
in channelling loans to its members totalling more than 9,000.
He said the credit cooperatives were set up to look after the welfare of
the members besides generating their economy and not purely to make
profits.
He said that as a cooperative that was set up more than 45 years ago,
its role in helping the civil servants, particularly the teachers, had
been most effective in resolving various problems especially in getting
immediate help to pay for family expenses, education, medical care, and
house and vehicle repairs.
"The new regulation clearly is a burden especially to the new teachers
who are still earning a low salary and with the deduction being limited
to 10 years, they had to pay make a bigger repayment instalment," he
told Bernama, here today.
-- BERNAMA
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