Business

Central bank to grant more autonomy to commercial banks

The State Bank of Vietnam (SBV) will grant more autonomy in terms of capital mobilisation and lending to commercial banks, SBV Deputy Governor Dao Minh Tu said on May 16.
Central bank to grant more autonomy to commercial banks ảnh 1SBV Deputy Governor Dao Minh Tu (Source: SBV)

HCM City (VNA) – The State Bank of Vietnam (SBV) willgrant more autonomy in terms of capital mobilisation and lending to commercialbanks, SBV Deputy Governor Dao Minh Tu said on May 16.

At a workshop in Ho Chi Minh City, Tu said that inrecent years, banks have reformed procedures for handling saving accounts,money transfers, remittances, and payment services, helping them cut down costsand time needed to provide services.

The SBV has constantly been at the forefront of ministriesand sectors in the Public Administration Reform Index over the last four years.In the World Bank’s 2018 Doing Business report, the “Getting Credit” sub-indexof Vietnam was ranked 29th among 190 economies, rising three places and comingin fourth for ASEAN.

Tu asked banks to press on with administrativereforms and actively apply modern technology to provide diverse bankingproducts and services. They also need to take responsibility for their ownloans so as to prevent the rise of non-performing loans.

Additionally, it is necessary for banks tofacilitate businesses and people’s access to credit and banking services, whilestill ensuring capital adequacy and minimising risks in their operations, theofficial added.

Financial experts said the banking sector’sadministrative reforms must centre around people and businesses. Therefore,reforms must succeed in creating favourable conditions for the access to creditand banking services.

They also recommended that reforms are focused aroundmaking information relevant to banking services more transparent so as toprevent wrongdoings, as well as diversifying products and services to ensurepeople and businesses gain maximum benefits.–VNA
VNA
#State Bank of Vietnam #SBV Deputy Governor Dao Minh Tu #Public Administration Reform Index #ASEAN #banking services #capital adequacy #Vietnam #VietnamPlus #Viet Nam News
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