Connect with us

Banking

Thai farmers to get Credits cards by November

The Yingluck governments programme to offer credit cards for farmers will be launched by Nov 1, fulfilling one of the major campaign promises that the Pheu Thai Party pledged to the grassroots that helped it win the July election.

Avatar

Published

on

rice paddy Thailand northen

The Yingluck governments programme to offer credit cards for farmers will be launched by Nov 1, fulfilling one of the major campaign promises that the Pheu Thai Party pledged to the grassroots that helped it win the July election.

Loading...

Luck Wajananawat, manager of the Bank for Agriculture and Agricultural Co-operatives BAAC, on Thursday spoke of the progress being made toward the launch.The committee set up by the BAAC agreed to contract a credit card system, including equipment, managed by a service provider for three years, with a budget of Bt1 billion. Rental fees have been set at Bt648 billion including issuing 3 million credit cards with a Bt360-million budget.

A smart card system will be used for security authentification.Techniques, processes for checking transparency, and fiscal control are the main criteria for the appropriate service provider to be selected. Competitors must have scores of at least 80 in order to pass to the next round for their prices to be considered.

rice paddy Thailand northen

The Yingluck governments programme to offer credit cards for farmers will be launched by Nov 1, fulfilling one of the major campaign promises that the Pheu Thai Party pledged to the grassroots that helped it win the July election.

This projects management system will include registration, credit cards issuance, partners of contract, credit limits, and debt payment.According to Mr Luck, the BAAC credit cards in their initial phase will be limited to payment for agricultural production costs from varied cooperatives and over 3,000 stores affiliated with the BAAC nationwide, with the number reaching 5,000 shops in the following years.

The cards will offer a maximum 70 per cent loan limit in accordance with the value of each farmer-debtors product for sale, while carrying a 7 per cent interest rate, or zero per cent–in case a subsidy is provided by the government.Other benefits include annual fee exemption, a  30-day interest-free period, free life insurance of no more than Bt100,000, emergency cash loans of Bt10,000, and special interest rates for cash deposits.

Promotions from networked stores cover discounts, point-of-sale collections for gifts or other rewards.In the second phase, farmers will be able to withdraw cash, make payments along with other services as offered by other service providers.The BAAC manager said some Bt20 billion is expected in the credit system in the first year, whereas Bt44.6 billion is forecast in the second year, and about Bt70 billion in the third year, respectively. MCOT online news

via Credit cards for farmers to be launched by Nov 1.

Asean

12 Things to Know about the ASEAN Catalytic Green Finance Facility (ACGF)

The ACGF is an ASEAN Infrastructure Fund initiative managed by ADB’s Southeast Asia Department Innovation Hub. It helps Southeast Asian governments prepare and finance infrastructure projects promoting environmental sustainability and contributing to climate change goals.

Asian Development Bank

Published

on

Southeast Asia faces an infrastructure investment shortfall of more than $100 billion a year, which may have worsened amid the COVID-19 pandemic.

Loading...
(more…)

Continue Reading

Banking

Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses

Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.

Olivier Languepin

Published

on

The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.

Loading...
(more…)

Continue Reading

Banking

APAC Banks to Face Portfolio Valuation Losses As Yields Rise

The latest data suggest that Fitch-rated banks in Hong Kong, India, Indonesia, Malaysia and Taiwan have the largest AFS securities portfolios, and display particular sensitivity to changes in yields.

Avatar

Published

on

Fitch Ratings-Hong Kong/Singapore-21 March 2021: A rise in yields for long-dated sovereign bonds will result in near-term losses for Asia-Pacific (APAC) banks as they recognise valuation changes on their available-for-sale (AFS) bond portfolios, but the capital impact should be manageable for most rated banks, says Fitch Ratings.

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,974 other subscribers

Latest

Trending