Revocation of bank license for 12 months of delayed implementation.

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 responding to the request from M7 Microfinance Limited Liability Company to extend its operational deadline, 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 of Vietnam will revoke the license.

The State Bank of Vietnam (SBV) requires M7 Microfinance Limited Liability Company to urgently complete the relevant procedures and commence operations in accordance with the provisions of the Law on Credit Institutions.

According to (vov.vn) - LT