Stricter Procedures for PRP Premium Payments Introduced: Conventional Banks with UUS Required to Maintain Separate Bank Codes

In 2024, the Deposit Insurance Corporation (Lembaga Penjamin Simpanan– “ LPS ”) issued Circular No. SE-7/ADK1/2024 (“ Circular 7/2024 ”) on Procedures for Payments of Premiums and Fines for Underpayments and/or Late Payments (“ Fines ”) of Premiums under the Banking Restructuring Program (Program Restrukturisasi Perbankan– “ PRP ”). As its title suggests, Circular 7/2024 set out guidelines for use by conventional commercial Banks, sharia commercial Banks, sharia business units (Unit Usaha Syariah– “ UUS ”), rural Banks (Bank Perekonomian Rakyat– “ BPR ”) and sharia BPR (BPRSyariah– “ BPRS ”) (collectively referred to as “ Banks ”) regarding payments of PRP Premiums (“ Premiums ”) and Fines (collectively referred to as “ Applicable Fees ”).