MICROFINANCE INSTITUTION BRANCH IS ALLOWED TO RECEIVE SAVINGS WITH THE MAXIMUM OF VND 1 MILLION/CLIENT/DAY
On November 05, 2019, the State Bank of Vietnam promulgates the Circular No. 19/2019/TT-NHNN providing for the operational network of microfinance institutions.
Accordingly, branches and transaction offices of microfinance institutions are allowed to receive compulsory savings and voluntary savings from a microfinance customer by the amount not exceeding VND 1 million in 01 day. In addition, these branches and transaction offices shall conduct a number of the following activities: To research and introduce customers; To consult and guide the establishment of a savings and loan group; To pay compulsory savings and voluntary savings of microfinance customers..
Within the first 5 working days of the first month of a quarter, the microfinance institution or its branch shall send a written notice of the list of transaction points to the State Bank branches in centrally-run cities and provinces where the branch offices of microfinance institutions are located. The list of transaction points must contain minimally the following contents: A list of transaction points operating, in which information on the names of branches and transaction offices responsible for managing...; A list of transaction points which are opened and terminated in the previous quarter.
This Circular takes effect on January 01, 2020.
