CIMB customers can breathe a sigh of relief this time.
Bank Negara Malaysia (BNM) will take supervisory measures and appropriate action against CIMB Group Holdings Bhd in the event of any breach of legal or regulatory requirements in relation to recent incidents of bank processing errors.
According to BNM governor Tan Sri Nor Shamsiah Mod Yunus, the regulatory requirements include adhering to acceptable risk management standards as well as urging CIMB to recover funds without compromising customers' ability to access their accounts and allow reasonable options for customers to recover excess funds. .
In short, this incident occurred when CIMB had made a mistake in its banking system that resulted in several accounts being frozen.
In a separate news, it is expected to announce the winner of its digital banking license next month.
BNM is at an advanced stage in evaluating applications for digital banks and they aim to announce the digital banks in the publication of their annual report by the end of March.
Tan Sri Nor Shamsiah said, BNM has received a total of 29 applications and it only intends to license 5 only.
The central bank is seen to want digital banks to offer relevant products and services to the underserved or underserved segments, so that more people and entrepreneurs can better own assets and save for the future or to grow their businesses.
