Limit Credit If The Bank Does Not Reduce Interest Rates

The State Bank will consider with the policy to encourage or restrict credit with banks that do not reduce interest rates, service fees are actually as committed to 9: 00/2: 06 Southern State Bank has just issued Official Letter No. 5901 / NHNN-TD on implementation of interest rate reduction and free banking services to support customers influenced by Covid-19.the translation, the State Bank's leaders require the Chairman of the Council Administration, General Director of credit institutions shall comply with consensus to reduce lending interest rates according to the plan registered with the Vietnam Banking Association. This aims to keep the prestige of every bank and the whole industry in front of people, businesses and society. "The implementation of interest rate reduction programs, reducing service fees need to ensure essence, efficiency, results Specifically

. At the same time, specific information on interest rate reduction policies, reducing service charges for customers to know and access the support policies of the Bank ", Deputy Governor of the State Bank of Dao Minh Tu requested. The State Bank will monitor the implementation of lending interest rates in credit institutions, note, policies for reducing lending interest rates, exemption from service fees of commercial banks must report implementation results Periods per month on the State Bank. The State Bank will publicly announce the results of implementing the commitment to reduce interest rates, reduce the fees of each bank and strengthen the monitoring of many measures
On the supervision of the implementation of interest rate reduction and fees This and the State Bank will consider and have policies to encourage or limit some of the bank's credit activities in 2022. Before that, at the meeting between Vietnam Banking Association and 16 Ngan Commercial goods are members, have agreed to reduce lending rates to support businesses to overcome Covid-19. The reduction in interest rates will apply to existing loans from now until the end of 2021, focusing on supporting businesses that are heavily affected by pandemic. From now until the end of the year, the State Bank also stated Clearly review, review the adjustment of credit growth targets for each credit institution on the basis of financial capacity and healthy credit growth capacity, which prioritizes banks With lending interest rates. At the present time, according to the recognition, a series of banks have announced the interest reduction programs, exemption from service fees, and launching low-interest credit packages for guests Early goods recovery of production and trading in Covid-19 epidemic period. Photo: Lam Giang

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