Low-income earners, which include many single mothers, who are already struggling to make ends meet, are burdened further by the ATM RM1 interbank cash withdrawal fee,
Many Malaysians who belong to the B40 and M40 groups have little choice but to take on this additional financial strain imposed by the banks.
While RM1 may seem small to some, for the B40 group, every ringgit matters. The reinstatement and continuance of this fee (since Feb 2022) during a time when the cost of living is soaring, feels counter-productive to the goal of alleviating financial hardship.
I believe a re-evaluation is necessary to ensure it does not disproportionately affect the most vulnerable members of society.
Transparency is critical here, in that, BNM, PayNet and the banks should disclose how these profits are being utilised.
If the revenue generated is not meaningfully reinvested to improve services or benefit the rakyat, particularly the B40 group, then the government must intervene to explore ways to mitigate these costs for the people who need it most.
When a monopoly exists, it must operate with the public’s welfare as its primary focus. Profiting from essential services, such as banking transactions, must not come at the expense of social equity.
As the central bank, BNM’s primary responsibility is to safeguard the nation’s financial stability and promote economic welfare.
Any business activity by BNM or its subsidiaries should prioritise accessibility and affordability for all Malaysians, particularly the B40 and M40 groups.
Practices that exacerbate financial hardship should be carefully reviewed and addressed to ensure they align with BNM’s overarching mandate to serve the public good. - ENDS
Syerleena Abdul Rashid is the Bukit Bendera Member of Parliament
The views expressed are solely of the author and do not necessarily reflect those of The Vibes
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