FROM JANUARY 15, 2020, LEGAL CAPITAL LEVEL OF PEOPLE’S CREDIT FUND IN WARD SHALL BE VND 1 BILLION
This is the new regulation issued by the Government in the Decree No. 86/2019/ND-CP on promulgating legal capital level of credit institutions, foreign bank branch on November 11, 2019.
Accordingly, the legal capital level of credit institutions, branch of a foreign bank shall remain as before: Cooperation bank shall have the legal capital level of VND 3,000 billion; Policy bank: VND 5,000 billion; Cooperation bank: VND 3,000 billion; Financial company: VND 500 billion; Financial leasing company: VND 150 billion; branch of a foreign bank: USD 15 million.
In addition, the micro financial institution shall have legal capital level of VND 05 billion. Besides, legal capital level of People’s credit fund operating on a commune or a town shall be VND 0.5 billion; of People’s credit fund operating on a ward, People’s credit fund operating on inter-commune, commune and ward, inter-ward area shall be VND 01 billion instead of 0.1 billion as before.
This Decree takes effect on January 15, 2020.
