KUALA LUMPUR July 8, 2026 — Prime Minister Dato’ Seri Anwar Ibrahim has expressed appreciation to Malaysia’s banking sector for responding positively to the MADANI Government’s call to strengthen financial inclusion and ease the cost of living for Malaysians.
In a statement posted on X today, Anwar highlighted two major initiatives rolled out by banks effective from July 1, 2026: the introduction of the Basic Credit Card and the abolition of the RM1 fee for interbank cash withdrawals at ATMs.
The new Basic Credit Card is designed to offer Malaysians a simpler, more affordable, and responsible credit facility focused on daily needs rather than lifestyle rewards.
Key features include:
- Financing rates capped at 14% per annum, down from the previous maximum of 18%.
- More controlled credit limits to encourage prudent borrowing.
- Existing credit cardholders can transfer outstanding balances to a basic credit card account without any fees or charges.
Banks have abolished the RM1 fee for cash withdrawals at interbank ATMs and Smart Recycler Machines (SRMs). This change benefits users across more than 14,000 ATMs nationwide, allowing free interbank withdrawals without additional charges.
In addition to these measures, banks are providing targeted assistance to borrowers and micro, small, and medium enterprises (MSMEs) impacted by global supply chain disruptions and conflicts in West Asia. Support includes loan rescheduling and restructuring, reduced monthly installments, and extended repayment periods.
According to the Prime Minister’s statement:
- More than RM4.7 billion in financing has been processed through loan rescheduling and restructuring.
- Approximately RM1 billion has been approved to around 1,500 SME borrowers under the SME Stability Assistance Facility.
Anwar emphasized that the MADANI Government will continue working closely with Bank Negara Malaysia and the banking industry to ensure Malaysia’s financial system remains stable, inclusive, and focused on the needs of the rakyat.
The initiatives form part of broader efforts to make banking services more accessible and affordable amid economic challenges.
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