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Conditions for setting up people's credit funds

Wed, 13 Jun 2018 10:30:03 AM GMT + 7    Print   Email   Share:

(Chinhphu.vn) - Mr. Duong Minh Kien and 30 other  individuals want to establish grassroots people's credit fund in Thai Dao Commune, Lang Giang District, Bac Giang Province with legal capital of VND 150 million, total chartered capital of VND 1.46 billion and have submitted dossiers to the provincial State Bank’s branches.

 

After receiving the dossier, Mr. Kien and other individuals were explained by the Provincial Branch of the State Bank, the legal documents and procedures for the establishment of the fund were completed. However, after being approved by the State Bank’s branch, the fund must meet the following conditions:

 

- Sending the legal capital amount of VND 150 million to the non-interest account opened at the provincial State Bank for at least 45 days before the planned date of operation commencement.

- At least 30 days before the commencement of operation, the fund shall have to send the full amount of charter capital of VND 1.46 billion to the non-interest account opened at the provincial branch of the State Bank.

- Having independent vaults as prescribed by the State Bank of Vietnam.

If one of the above three conditions is not met, the fund will not be eligible to start operations.

Through the receiving and responding system  to the recommendations of the business, Mr. Kien would like to ask, did the provincial branch of the State Bank explain as stated as above to be correct according to  regulations? If so, which legal documents are based on?

The State Bank of Vietnam has comments  on this issue as follows:

The Thai Dao People's Credit Fund, Thai Dao Commune, Lang Giang District, Bac Giang Province was granted establishment and operation license No. 12 / NH-GP dated August 10, 2015 by the State Bank of Bac Giang Province and came into operation on September 7, 2005. Based on the review of the dossiers of license issuance of the Thai Dao PCFs by the State Bank of Bac Giang Province, the founding members of the Fund were 40 people and no name of founding member Duong Minh Kien. At the same time, the State Bank of Bac Giang Province reported that there were not any explanations as presented by Mr. Kien.

If Mr. Duong Minh Kien is interested in the regulation on the establishment and operation of People's Credit Funds, he would like to study the provisions of the Circular No. 04/2015 / TT-NHNN dated 31 March 2015 of the State Bank of Vietnam, we recommend him to study  Regulations on People's Credit Funds; the Circular No. 06/2017 / TT-NHNN dated July 5, 2017 amending and supplementing a number of articles of the Circular No. 03/2014 / TT-NHNN dated January 23, 2014 of the State Bank of Vietnam on the security fund of the PCF system, the Circular No. 04/2015 / TT-NHNN and the policy of licensing the establishment of People's Credit Funds of the State Bank of Vietnam.

In case Mr. Duong Minh Kien is unclear about the regulations related to the establishment and operation of the People's Credit Funds, Mr. Kien can contact the State Bank of Bac Giang Branch for answers.

 

  • By : Online Newspaper of the Government - Viet Nam Government Portal

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