Use More IBG, Less Cheque

Feb 15, 2014 (Sat): Effective from April 1 this year, every cheque issued will cost 65 sen to the issuer or drawer due to the processing fee of 50 sen will be charged by commercial banks on top of the existing stamp duty of 15 sen per cheque leaf.

The executive director of the Association of Banks in Malaysia (ABM), Chuah Mei Lin advises businesses and members of the public to adopt e-payment to transfer funds and make bill payments especially when the fees for Interbank Giro (IBG) was reduced to 10 sen.

“Under the new Financial Sector Blueprint, Bank Negara targets to increase the number of e-payment transactions per capita from 56 transactions in 2012 to 200 transaction by 2020 and also aims to reduce cheque issuances by more than half from 204 million in 2012 to 100 million by 2020,”Chuah told reporters during a recent media briefing.

She added that ABM and its member banks are in full support of the national agenda for the migration to e-payment and have worked with the central bank to promote IBG nationwide since October 2013.

Author: VSDaily Editor

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