BNM Demands Explanation From Two Major M’sian Banks Over Service Outages

BNM said it has required the banks to provide a full explanation of the root cause leading to the incidents.

Bank Negara Malaysia (BNM) has addressed the recent disturbances caused by service outages in two of the country’s major banks, emphasizing the seriousness with which it regards such disruptions.

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Full explanation report required from the banks

In a statement, BNM also said that the incidents, which left customers facing considerable inconvenience, have been met with a swift response, ensuring the restoration of normal banking operations.

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For illustrative purposes only. Photo by Wee Hong via Wiki Commons

BNM has mandated that these financial institutions promptly inform and engage with affected clients, addressing complaints and providing updates on the impacted services efficiently.

Further, the central bank has demanded a comprehensive report from the involved banks, detailing the primary causes of the outages and outlining the steps taken to rectify and prevent future occurrences.

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BNM has required the banks to provide a full explanation of the root cause leading to the incidents, as well as corrective and preventive measures undertaken to avoid a recurrence of similar issues.

“BNM expects all banking institutions to maintain high availability of banking services at all times. BNM will not hesitate to take further supervisory actions where banks have fallen short of our regulatory and supervisory expectations,” it added.

Meanwhile, Maybank announced on X yesterday (9 April) that its services were down on 5 April at around 9.20pm and that it took more than two hours to restore services.

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