State Bank commits to protect the rights and interests of depositors at SCB

This is the affirmation of the Permanent Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu when talking to reporters regarding Saigon Commercial Joint Stock Bank (SCB).

Permanent Deputy Governor Dao Minh Tu.

PV:Deputy Governor, please tell us about the negative information about SCB Bank on social networks and the phenomenon of people rushing to withdraw money at SCB. What is the State Bank's assessment and recommendation to people at this time?

Deputy Governor Dao Minh Tu:It is true that in the past few days, there has been negative information about SCB Bank on social networks. The State Bank has also provided timely information on the State Bank's website to confirm that there will be measures to continue to ensure continuous and stable operations for SCB, and there will also be solutions and policies in accordance with the law to ensure the rights of depositors at SCB. We also recommend that people with deposits at SCB should be cautious before deciding to withdraw their deposits, especially deposits withdrawn before maturity because this will affect their rights to enjoy term interest rates at SCB.

PV:Faced with the phenomenon of other bank employees inviting customers to withdraw money at SCB to deposit in their own bank, what solutions does the State Bank have to rectify and stabilize the situation and avoid unfair competition?

Deputy Governor Dao Minh Tu:Regarding this, the State Bank has issued an Official Dispatch requesting all Chairmen of Board of Directors, General Directors of commercial banks, Directors of State Bank branches in provinces and cities to strengthen inspection and supervision to handle violations. The fact that commercial bank officials mobilize and entice SCB customers to withdraw deposits to deposit at their own bank is unfair competition, which can create instability for SCB at this time and cause general insecurity for the commercial banking system.

PV:How will the issue of ensuring the legitimate rights and interests of depositors and especially the safety of the banking system be ensured in all situations?

Deputy Governor Dao Minh Tu:The operational safety of credit institutions has been a very important issue for many years. The State Bank and relevant ministries have taken many measures and policies to ensure the safety of the entire system of credit institutions. In the coming time, the State Bank has and will continue to take specific and drastic measures to ensure the operational safety of the whole system as well as that of SCB Bank; at the same time, there will be measures in accordance with the provisions of law to ensure the rights of depositors at the bank. We also hope that depositors and borrowers at SCB will continue to cooperate in a positive spirit, to create conditions for the stable and continuous operation of the bank in the coming time.

PV:Thank you very much, Deputy Governor!