- The Deposit Insurance Corporation (Lembaga Penjamin Simpanan – “LPS”) has extended the relaxation period for the imposition of fines in relation to late payments of guarantee premiums (premi penjaminan) for Periods I and II of 2021. This extension applies to both commercial banks and rural banks.
- The LPS has decided to implement this policy on the grounds that economic and financial analysis has revealed that macroeconomic indicators and the financial sector are heading towards positive developments in terms of economic recovery. The new policy was also formulated after a consideration of the ongoing progress of the Corona Virus Disease 2019 (COVID-19) pandemic.
- Previously, the relaxation policy was only applicable for three payment periods, specifically: 1) Period II of 2020; 2) Period I of 2021; and 3) Period II of 2021, which will end on 31 January 2022. The extension of this relaxation will now see this policy continuing for the next two periods, as follows: 1) Period I of 2022, which originally required payments to be completed by a deadline of 31 January 2022, which has now been extended until 31 July 22 with 0% fines being applicable; and 2) Period II of 2022, which originally required payments to be completed by a deadline of 31 July 2022, which has now been extended until 31 January 2023 with 0% fines being applicable. (ANT)
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