Rising NPF Overshadows Multi-Finance Industry

By Editorial Team 06/08/2020
Time bomb
Summary

The Financial Services Authority (OJK) plans to extend relaxation for financing restructuring in the non-bank financial industry (IKNB) for customers affected by the corona pandemic (COVID-19). It is in line with the regulator's plan to extend credit restructuring in banks. "The restructuring [Extension] will be carried out for banks and non-banks," OJK Board of Commissioners Chairman Wimboh Santoso said in an online press conference in Jakarta on Tuesday (8/4).

The relaxation policy is planned to be added for another year or until 2022. One of the triggers for the extension is the increase in non-performing financing (NPF). The NPF ratio in multi-finance exceeded the 5.1 percent level at the end of June 2020, the highest level in the last five years.

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