THE Malaysian Action Plan for the Indian Community (MIB) is expected to provide two billion unit trusts for Indians in the country within five years, MIC president Dr S. Subramaniam said.

He said the offer, aimed at raising the Indian community socio-economic status, would be opened through Permodalan Nasional Bhd (PNB) in two categories – one for B40 low-income households and the other for all Indians.

“This is the first initiative of its kind for the Indian community to help them save, make contributions and promote a culture of long-term savings,” Dr Subramaniam, who is also the Health Minister, told reporters here today.

Dr Subramaniam who had earlier chaired the MIB Community Liaison Committee Meeting, said the scheme was still in discussion between PNB and the Socio-Economic Development Plan of the Indian Community (Sedic).

“We have yet to finalise the mechanism,” he said.

He said among the proposals for the B40 group were a 20% subsidy and interest-free loans for the purchase of the unit trusts.

“We are waiting for the consent of Prime Minister Datuk Seri Najib Tun Razak,” he said, adding the he hoped the special scheme would be announced in the 2018 Budget to be tabled next month. – Bernama, September 12, 2017.