The 24-year-old US musician targeted Malik with a series of insults in a lengthy rant on Twitter and attacked 14-year-old Disney actress Skai Jackson.
The inflammatory remarks prompted a backlash on social media and Banks was suspended from Twitter. The rapper was also dropped from a headline set at a music festival in East London.
After initially refusing to issue a proper apology, Banks has now posted a letter of apology to her Instagram account.
"Dear World," she writes. "Now that the immediacy of the infamous incident has worn off, I've had some time to decompress and take a more rational assessment of things.
"I want to extend my sincerest apologies to the world," she goes on to say. "Employing racial/sexual slurs/stereotypes in attempts to make fun of or degrade another person or group is absolutely unacceptable and is not fair or fun for anyone."
"Allowing my anger to get the best of me, I've managed to insult millions of people without reason. And for that I give my deepest apologies."
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