Revoking Banking License Slow to Implement for 12 Months

Credit institutions must commence operations within 12 months from the date of issuance of the License.

On January 8, 2013, the State Bank of Vietnam (SBV) issued Document No. 160/NHNN-TTGSNH in response to the request for extension of the opening date of operations by the limited liability microfinance institution M7, specifically as follows:

According to Clause 3, Article 26 of the Law on Credit Institutions 2010, credit institutions must commence operations within 12 months from the date of issuance of the License. If the credit institution fails to commence operations within this period, the State Bank shall revoke the License.

The State Bank of Vietnam requests the limited liability microfinance institution M7 to urgently complete relevant procedures and launch operations in accordance with the provisions of the Law on Credit Institutions./.

According to (vov.vn) - LT