Banks required to ensure operation safety during Tết

Banks required to ensure operation safety during Tết

They must proactively implement plans to raise and balance their capital sources, ensuring the full and timely fulfillment of credit capital needs for production, business and consumption during the country’s largest holiday.

Banks must strengthen risk management, prevent, detect, and strictly handle violations in cash payment and transaction activities, especially the opening and use of payment accounts and bank cards. — VNA/VNS Photo

The State Bank of Vietnam has instructed its branches, commercial banks and payment intermediary service providers to strengthen safeguards to ensure the safety and continuity of banking operations during the Lunar New Year or Tết.

Under a directive sent to relevant agencies, the central bank required credit institutions and branches of foreign banks to implement safe and effective credit growth. They are asked to proactively develop plans to mobilise and balance capital sources, ensuring the full and timely provision of credit for production, business and consumption during the country’s most important holiday period.

Bank lending must be directed towards production and business activities, priority sectors and key growth drivers of the economy, while lending to potentially risky sectors must be strictly controlled to maintain the safety and efficiency of credit operations.

Institutions are also required to closely monitor, assess and forecast cash and payment needs and prepare specific response plans for different scenarios. Capital sources must be adequately prepared to meet the expected surge in demand for cash and payment services during the holiday.

At the same time, banks are urged to strengthen risk management and prevent, detect and strictly handle violations in cash payment and transaction activities, particularly in the opening and use of payment accounts and bank cards.

Credit institutions must review and improve procedures for receiving and handling customer enquiries and complaints, while stepping up communication and warnings about new fraud methods on transaction applications to better alert customers.

ATM operations are to be closely monitored to ensure payment and cash withdrawal services run smoothly and safely without interruption.

Banks are also required to ensure the security of their vaults and prevent property theft by implementing preventive measures and response procedures in line with recommendations from the Ministry of Public Security. 

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