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Banks permitted to halt ATM and close branches in case of emergency

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The management of Thailand’s commercial banks are permitted to instruct an immediate halt to ATM services or the operations of bank branches in risk-prone areas without prior consent from the central bank,  according to Bank of Thailand (BoT) Deputy Governor Krirk Vanikkul.

The BoT decision was made amid mounting rumors that the planned mass rally by anti-government Red Shirt demonstrators on March 14 might turn violent and lead to a destruction of ATM booths or bank branches, particularly in risk-prone areas.

Normally, commercial banks must report to the central bank first if they have to decide on the closing of bank branches or ATM booths, but in case of emergency, the central bank is allowing the banks to make the decision and report it later to ensure safety of their employees and property

Under a contingency plan to ensure the safety of commercial banks which the BoT discussed with bank executives, he said, the central bank allows bank executives to halt ATM services or branch bank operations immediately in case of emergency.

via Bankers permitted to halt ATM, close bank branches in emergency.

Banking

Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures

The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.

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BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.

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Economics

Thai Government Plans to Increase 2022 Investment Budget by 90 Billion baht ($2.84 bln)

According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.

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BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in the fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.

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