- 1Circular No. 13/2024/TT-NHNN dated June 28, 2024 on providing amendments to Circular No. 32/2015/TT-NHNN prescribing prudential ratios and limits for operations of people’s credit funds
- 2Circular No. 32/2015/TT-NHNN dated December 31, 2015 on prescribing prudential ratios and limits for operations of people’s credit funds
| THE STATE BANK OF VIETNAM | THE SOCIALIST REPUBLIC OF VIET NAM |
| No. 25/VBHN-NHNN | Hanoi, July 23, 2024 |
CIRCULAR
PRESCRIBING PRUDENTIAL RATIOS AND LIMITS FOR OPERATIONS OF PEOPLE’S CREDIT FUNDS
The Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from March 01, 2016, is amended by:
The Circular No. 13/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credits Institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to the Government’s Decree No. 156/2013/ND-CP dated November 11, 2013 defining functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);
At the request of the Head of the SBV Banking Supervision Agency;
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Article 1. Scope and regulated entities[2]
1. This Circular provides for restrictions, limits and prudential ratios for operations of people’s credit funds, including:
a) Capital adequacy ratio (CAR);
b) Solvency ratio;
c) Maximum ratio of short-term capital used for granting medium- and long-term loans;
d) Restrictions and limits on lending operations;
dd) Ratio of total received deposits to equity.
2. Based on the results of supervision and inspection of people’s credit funds, and depending on the nature and level of risks, the SBV’s provincial branches may, where necessary, request people’s credit funds to maintain one or some limits and prudential ratios which are lower or stricter than those specified in this Circular.
For the purposes of this Circular, the terms used herein are construed as follows:
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2.[4] (abrogated)
3. Retained earnings of a people’s credit fund mean its undistributed profits which are determined after its annual financial statements (or independently audited annual financial statements, for a people’s credit fund subject to independent audit as prescribed by the SBV) are available and retained according to a decision of its General Meeting of Members (GMM) for the purpose of having additional funds.
4. SBV’s provincial branch means the SBV’s branch of province or central-affiliated city where the people’s credit fund is headquartered.
Article 3. Information technology (IT) system[5]
People’s credit funds are required to have IT systems to implement provisions of this Circular. Such an IT system must be able to:
1. Store, access and add data about clients in a manner that ensures management of risks in accordance with SBV’s regulations and internal regulations of the people’s credit fund.
2. List and monitor capital, assets and liabilities; calculate, manage and supervise the restrictions, limits and prudential ratios specified in this Circular.
3. Prepare statistical reports according to SBV’s regulations, and as requested by SBV’s provincial branches.
1. People’s credit funds must issue their own internal regulations on minimum CAR management and liquidity management (solvency ratio, maximum ratio of short-term capital used for granting medium- and long-term loans, and ratio of total received deposits to equity) in accordance with provisions of this Circular and relevant laws. Written internal regulations and amendments thereto must be issued or ratified by the Management Board of the people’s credit fund.
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a) Procedures and methods for monitoring CAR;
b) Methods for early warning of risks that lead to decrease in CAR;
c) Plan for dealing with failure to meet minimum CAR requirement which shall, inter alia, include: measures for increasing CAR; responsibilities, entitlements of and cooperation among relevant departments and individuals in implementation of the plan.
3. Internal regulations on liquidity management shall include the following as a minimum:
a) Regulations on decentralization, authorization, functions and tasks of relevant individuals and departments regarding monitoring and implementation of measures for maintaining the solvency ratio, maximum ratio of short-term capital used for granting medium- and long-term loans, and ratio of total received deposits to equity;
b) Procedures and limits for liquidity management and contingency plan for maintenance of the solvency ratio, maximum ratio of short-term capital used for granting medium- and long-term loans, and ratio of total received deposits to equity as prescribed in this Circular;
c) Regulations on management of budget, daily revenues, expenses and funding source;
d) Criteria for early warning of risks associated with inadequate solvency and liquidity, and response plans;
dd) Solutions for maintaining liquid assets such as increasing charter capital, establishing funds, and reducing risk weight for assets;
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4. Internal regulations on lending operations and management of loans granted shall comply with provisions of this Circular and relevant documents, and include the following as a minimum:
a) Criteria for identifying a client of the people’s credit fund and his/her related persons, including the cases prescribed in Points b, c, dd and g Clause 24 Article 4 of the Law on Credit Institutions 2024; an individual client and his/her spouse; natural parent, adoptive parent, stepparent, parent-in-law; natural child, adopted child, stepchild, daughter-in-law, son-in-law; sibling; half-sibling; spouse of his/her sibling or half-sibling;
b) Restrictions and limits on grant of loans to clients, clients and their related persons, mechanisms and principles for decentralization and authorization to grant loans to clients, clients and their related persons;
c) Maximum limit on loans, included in total outstanding amount of loans, granted to each of the following client groups: members of the people’s credit fund, clients that are not members of the people’s credit fund, and clients that are members of poor households of the people’s credit fund;
d) Procedures for monitoring loans with loan amount exceeding 5% of equity of the people’s credit fund;
dd) Regulations on reporting to SBV’s provincial branches and GMM on loans granted to the entities prescribed in clause 1 Article 135 of the Law on Credit Institutions 2024.
5. On a periodical basis of at least once a year and when necessary, people’s credit funds shall review, assess and revise their internal regulations to ensure their conformity with requirements for safe operations of people’s credit funds.
6. Within 10 (ten) business days from the date of issue, revision or substitution of its internal regulations, the people’s credit fund shall send their issued, revised or substitute internal regulations either directly or by post to the relevant SBV's provincial branch. In case of revision or substitution, the people’s credit fund shall send a written report on revised contents enclosed with its internal regulations.
7. People’s credit funds shall revise their internal regulations in conformity with provisions of this Circular by December 31, 2024.
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Section 1. PRUDENTIAL RATIOS AND LIMITS FOR OPERATIONS OF PEOPLE’S CREDIT FUNDS
Article 5. Capital adequacy ratio (CAR)
1. People’s credit funds must maintain the minimum CAR of 8%.
2. CAR is determined adopting the following formula:
CAR
=
Equity
x
100
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Where:
- The equity shall be determined according to clause 3 of this Article;
- Total risk-weighted assets are the sum of credit assets, determined according to the level of risks specified in clause 4 of this Article.
3.[7] Equity equals Tier 1 capital plus (+) Tier 2 capital minus (-) the amount deducted from equity at the time of equity determination. To be specific:
a) Tier 1 capital
Tier 1 capital includes:
(i) Charter capital;
(ii) Funding for fundamental construction and purchase of fixed assets;
(iii) Additional reserve fund of charter capital;
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(v) Financial reserve fund;
(vi) Grants offered by sponsors to the people’s credit fund;
(vii) Retained earnings;
The following amounts must be deducted from Tier 1 capital:
(i) Accumulated losses (if any); and
(ii) Capital amount contributed to the cooperative bank;
b) Tier 2 capital may not exceed 100% of Tier 1 capital, including: general provision which shall not exceed 1,25% of total risk-weighted assets;
c) Amount deducted from equity: 100% of decrease resulted from revaluation of assets as prescribed by law.
Determination of equity used for calculating the minimum CAR shall comply with Appendix 1 enclosed herewith.
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a) Assets given a risk weight of 0% include:
(i) Cash;
(ii) Deposits at SBV;
(iii) Deposits at the cooperative bank;
(iv) Outstanding balances of the granted loans which are fully secured by cash or deposits of borrowers at the people’s credit fund;
(v) Outstanding balances of the granted loans which are fully secured by valuable papers issued by the Government or SBV;
(vi)[8] (abrogated)
b) Assets given a risk weight of 20% include:
(i) Deposits to checking accounts opened at commercial banks and foreign bank branches;
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c) Assets given a risk weight of 50% include: Outstanding balances of the granted loans which are fully secured by housing, land use rights, housing on land granted land use rights of borrowers in accordance with regulations of law;
d) Assets given a risk weight of 100% include:
(i) [9] Costs of fixed assets of the people’s credit fund;
(ii) All assets on the balance sheet other than those specified in points a, b, c, d(i) of this clause, and amount of capital contributed to the cooperative bank.
Valuation of risk-weighted assets shall comply with Appendix 2 enclosed herewith.
Article 6. Solvency ratio
1. The solvency ratio is determined using the following formula:
Solvency ratio
=
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Total liabilities
Where: Liquid assets and total liabilities are determined according to Appendix 3 enclosed herewith.
2. At the end of each business day, the people’s credit fund shall be required to maintain the minimum solvency ratio of 1 for the next business day and for the next 7 (seven) business days.
Article 7. Maximum ratio of short-term capital used for granting medium- and long-term loans
1. Each people’s credit fund shall maintain a ratio of short-term capital used for granting medium- and long-term loans of not exceeding 30%.
2. The ratio of short-term capital sources used for granting medium and long-term loans is determined using the following formula:
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- A: Ratio of short-term capital sources used for granting medium and long-term loans.
- B: Total outstanding balance of medium- and long-term loans as prescribed in clause 3 of this Article.
- B: Total amount of medium- and long-term capital as prescribed in clause 4 of this Article.
- D: Total short-term capital as prescribed in clause 5 of this Article.
3. Total outstanding balance of medium- and long-term loans includes outstanding balances of loans with remaining term of over 01 (one) year. Total outstanding balance of medium- and long-term loans excludes outstanding balances of loans granted using trust funds of the Government, organizations (including other credit institutions and foreign bank branches) and individuals.
4. Medium- and long-term capital includes:
a) [10] Charter capital, additional reserve fund of charter capital, development investment funds and financial reserve funds that remain after deduction of accumulated losses (as shown in the balance sheet which is made when calculating the maximum ratio of short-term capital used for granting medium- and long-term loans), costs of purchase or investment in fixed assets, and capital contributed to the cooperative bank as prescribed by law;
b) The following amounts with remaining term of over 01 (one) year, including:
(i) Term deposits and saving deposits of organizations and individuals;
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5. Short-term capital includes:
a) Demand deposits;
b) The following amounts with remaining term of up to 01 (one) year, including:
(i) Term deposits and saving deposits of organizations and individuals;
(ii) Loans received from other credit institutions and financial institutions.
Article 7a: Ratio of total received deposits to equity[11]
1. Each people’s credit fund is required to keep the ratio of total received deposits to equity from exceeding 20.
2. The ratio of total received deposits to equity is determined using the following formula:
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- A: Ratio of total received deposits to equity.
- B: Total received deposits as prescribed in clause 3 of this Article.
- C: Equity as prescribed in clause 4 of this Article.
3. Total received deposits include: demand deposits, term deposits, and saving deposits in VND of members of the people’s credit fund, and other organizations and individuals.
4. Equity is recognized according to the financial policies for people’s credit funds.
Article 8. Restrictions and limits on lending operations[12]
1. Based on its equity determined according to clause 3 Article 5 of this Circular at the end of the last business day, each people’s credit fund shall determine:
a) Its restrictions on grant of loans to organizations and individuals as prescribed in Article 135 of the Law on Credit Institutions 2024;
b) Its limit on loans granted to a client or a client and their related persons as prescribed in Article 136 of the Law on Credit Institutions 2024.
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3. Regarding the loans granted to the entities prescribed in Point a Clause 1 of this Article, the people’s credit fund shall:
a) submit a report on the grant of loan to the relevant SBV’s provincial branch according to SBV's regulations;
b) publicly disclose at the GMM information on loans granted by the ending date of data collection which is conducted to serve the GMM.
4. Total outstanding balance on loans granted to a member that is a juridical person shall not exceed the sum of contributed capital and balance on deposits of that juridical person at the people’s credit fund at all times.
Total outstanding balance on loans granted to a client that is a juridical person or individual other than a member of the people’s credit fund shall not exceed the balance on deposit contract or passbook savings account of that client.
5. Limits prescribed in point b clause 1 of this Article shall not apply to:
a) Loans granted using trust funds of other organizations and/or individuals the risks of which are not taken by the people’s credit fund;
b) A loan granted to a client which is fully secured by that client's deposits at the people’s credit fund.
Article 8a. People’s credit funds at risk of becoming insolvent or considered insolvent[13]
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2. A people’s credit fund is considered insolvent when it is unable to meet its debt obligations within 01 month as they become due.
3. The people’s credit fund that is at risk of becoming insolvency or has become insolvent must promptly submit reports to the relevant SBV’s provincial branch and the cooperative bank’s branch on its actual status, causes and remedial measures that have been or will be adopted, and suggested solutions (if any).
Chapter III[15] (abrogated)
1. The SBV Banking Supervision Agency shall play the leading role and cooperate with relevant Departments/Agencies of the SBV in requesting the SBV’s Governor to consider the difficulties that arise during the implementation of this Circular.
2. Each SBV’s provincial branch shall:
a) Decide the compulsory maintenance by people’s credit funds of limits and prudential ratios as prescribed in Clause 2 Article 1 of this Circular;
b) Inspect, supervise and take actions against violations committed by local people’s credit funds against provisions of this Circular;
c) Instruct local people’s credit funds to comply with provisions of this Circular;
d) Receive internal regulations of people’s credit funds as prescribed in this Circular.
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IMPLEMENTATION [17]
1. This Circular comes into force from March 01, 2016.
2. The following regulations shall cease to have effect:
a) Decision No. 1328/2005/QD-NHNN dated September 06, 2005 promulgating “regulations on prudential ratios for operations of grassroots people’s credit funds”;
b) Clause 3 Article 37 of the Circular No. 04/2015/TT-NHNN dated March 31, 2015 prescribing people’s credit funds.
The Chief of the Office, the Head of the SBV Banking Supervision Agency, heads of relevant entities affiliated to the SBV, Directors of the SBV’s provincial branches, Chairperson of the Management Board and General Director of the cooperative bank, Chairpersons of Management Boards, and Directors of people’s credit funds shall implement this Circular./.
APPENDIX 1[18]:
DETERMINATION OF EQUITY
(Enclosed with Circular No. 13/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam)
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Unit: VND million
Item
Components
Determination methods
1
Charter capital (capital contributed by members)
Use the amount of “Charter capital” in “Capital” section on balance sheet of the people’s credit fund.
2
Fund for fundamental construction and purchase of fixed assets
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3
Additional reserve fund of charter capital
Use the amount of “Additional reserve fund of charter capital” in “Funds” section on balance sheet of the people’s credit fund.
4
Operational development investment fund
Use the amount of “Development investment fund” in “Funds” section on balance sheet of the people’s credit fund.
5
Financial reserve fund
Use the amount of “Financial reserve fund” in “Funds” section on balance sheet of the people’s credit fund.
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Grants offered by sponsors to the people’s credit fund
Use the amount of “Other capital” in “Funds” section on balance sheet of the people’s credit fund.
7
Retained earnings
Comply with guidance in clause 3 Article 2 of the Circular No. 32.
8
Components of Tier 1 capital
= (1) + (2) + (3) + (4) + (5) + (6) + (7)
9
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Use the amount of “Accumulated losses” when calculating capital adequacy ratio (CAR).
10
Capital contributed to the cooperative bank
Use the amount of “Capital contributed to the cooperative bank” in the “Capital contributions, long-term investments” section on balance sheet.
Tier 1 capital
= (8) - (9) - (10)
11
General provisions
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Tier 2 capital
= (11)
Equity
= Tier 1 capital + Tier 2 capital
12
100% of the negative difference due to revaluation of fixed assets as prescribed by law
100% of total debit balance of the fixed asset revaluation difference account.
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Equity used for calculating capital adequacy ratio (CAR)
= Equity - (12)
APPENDIX 02[19]:
RISK-WEIGHTED ASSETS
(Enclosed with Circular No. 13/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam)
Unit: VND million
Item
Components
Amount
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Value of risk-weighted asset
(1)
(2)
(3)
Assets given a risk weight of 0%
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= (a) + (b) + (c) + (d) + (đ) + (e)
a
Cash
0%
b
Deposits at SBV
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c
Deposits at the cooperative bank
0%
d
Outstanding balances of the granted loans which are fully secured by cash or deposits of borrowers at the people’s credit fund
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dd
Outstanding balances of the granted loans which are fully secured by valuable papers issued by the Government or SBV
0%
Assets given a risk weight of 20%
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= (g) + (h)
g
Deposits to checking accounts opened at commercial banks and foreign bank branches
20%
h
Outstanding balances of the granted loans which are fully secured by valuable papers issued by state-owned financial institutions, credit institutions or foreign bank branches
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Assets given a risk weight of 50%
= (i)
i
Outstanding balances of the granted loans which are fully secured by housing, land use rights, housing on land granted land use rights of borrowers
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Assets given a risk weight of 100%
= (k) + (l)
k
Costs of fixed assets of the people’s credit fund
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l
All of the assets on the balance sheet other than those classified into groups with risk weights of 0%, 20%, and 50%
100%
Total risk-weighted assets
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APPENDIX 03[20]:
SAMPLE STATEMENT OF LIQUID ASSETS AND TOTAL LIABILITIES
(Enclosed with Circular No. 13/2024/TT-NHNN dated June 28, 2024 of the Governor of the State Bank of Vietnam)
Unit: VND million
Items
Book value
Ratio
Value used for calculation
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Grounds for determining maturity date/Notes
Next business day
Day 2 - 7
Next business day
Day 2 - 7
(1)
(2)
(3)
(4) = (1) x (3)
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(6) = (4) + (5)
I. Liquid assets (I=1+2+3+ 4+5+6+7+8)
N/A
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1. Cash in vault
N/A
100%
N/A
Balance at the end of reporting day
2. Deposits at SBV
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N/A
100%
N/A
Balance at the end of reporting day
3. Demand deposits at the cooperative bank (excluding deposits made by the people’s credit fund as collateral for its loans received from the cooperative bank)
N/A
...
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N/A
- Principal
N/A
100%
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...
Recorded according to total deposits made into the cooperative bank
- Interest
N/A
100%
N/A
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4. Term deposits at the cooperative bank (excluding deposits made by the people’s credit fund as collateral for its loans received from the cooperative bank)
100%
Row (4) = (4.1) + (4.2)
4.1. Principal
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...
N/A
100%
N/A
Recorded according to total deposits made into the cooperative bank and apply 100% ratio to all principal amounts regardless of their terms
4.2. Interest
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...
Calculated by the actual maturity date of the contract
5. Deposits to checking accounts opened at commercial banks and foreign bank branches
N/A
100%
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Balance at the end of reporting day
6. Outstanding debts that become due of secured loans (except bad debts)
80%
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- Principal
80%
- Interest
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80%
7. Outstanding debts that become due of unsecured loans (except bad debts)
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...
Use the maturity date specified in the loan agreement
- Principal
75%
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- Interest
75%
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8. Outstanding debts that become due of other amounts receivable
70%
Enter the realizable revenue from “Other assets” according to guidance of the SBV’s Governor on financial statements for people’s credit funds and other relevant documents in the columns that match the collection dates.
II. Liabilities
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1. Term deposits of clients that become due
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100%
Use maturity dates specified in deposit contracts
- Principal
100%
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...
- Interest
100%
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...
2. Demand deposits of clients
N/A
15%
N/A
Average balance of deposits over the last 30 days
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...
N/A
15%
N/A
- Interest
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...
15%
N/A
3. Loans received from other credit institutions/other financial institutions, which become due (except outstanding debts of loans which are granted by the cooperative bank and secured by the people’s credit fund’s deposits at the cooperative bank)
100%
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...
Use maturity dates specified in loan agreements
- Principal
100%
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...
- Interest
100%
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100%
Enter the amounts actually payable derived from fulfillment of “Other liabilities" according to guidance of the SBV’s Governor on financial statements for people’s credit funds and other relevant documents in appropriate columns.
Liquid assets of the next business day/Total liabilities of the next business day
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Liquid assets of the next 7 business days/Total liabilities of the next 7 business days
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PP. GOVERNOR
DEPUTY GOVERNOR
Doan Thai Son
[1] The Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds is promulgated pursuant to:
“The Law on the State Bank of Vietnam dated June 16, 2010;
The Law on Credit Institutions dated January 18, 2024;
The Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV); and
At the request of the Head of the SBV Banking Supervision Agency;”
[2] This Article is amended according to clause 1 Article 1 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
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[4] This clause is amended according to clause 2 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[5] This Article is amended according to clause 3 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[6] This Article is amended according to clause 4 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[7] This clause is amended according to point a clause 5 Article 1 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[8] This point is abrogated according to clause 1 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[9] This point is amended according to point b clause 5 Article 1 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[10] This point is amended according to clause 6 Article 1 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[11] This Article is added according to clause 7 Article 1 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[12] This Article is amended according to clause 8 Article 1 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
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[14] This Section is abrogated according to clause 2 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[15] This Chapter is abrogated according to clause 2 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[16] This Article is amended according to clause 10 Article 1 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[17] Articles 3 and 4 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024, stipulate that:
“Article 3. Responsibility for implementation:
The Chief of Office, Head of SBV Banking Supervision Agency, heads of units affiliated to the SBV, SBV’s provincial branches, and people’s credit funds are responsible for the implementation of this Circular.
Article 4. Implementation
1. This Circular comes into force from August 12, 2024.
2. This Circular nullifies the phrase “2. Quỹ tín dụng nhân dân phải đảm bảo tổng mức nhận tiền gửi không được vượt quá 20 lần vốn chủ sở hữu” (“2. A people’s credit fund must ensure that total received deposits do not exceed 20 times its equity”) in clause 3, clause 27 Article 2, Article 4, clause 4 Article 6 of the Circular No. 21/2019/TT-NHNN dated November 14, 2019 of the Governor of the State Bank of Vietnam.”
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[19] This Appendix is replaced according to clause 1 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
[20] This Appendix is replaced according to clause 1 Article 2 of the Circular No. 13/2024/TT-NHNN providing amendments to the Circular No. 32/2015/TT-NHNN dated December 31, 2015 of the Governor of State Bank of Vietnam prescribing prudential ratios and limits for operations of people’s credit funds, coming into force from August 12, 2024.
Integrated document No. 25/VBHN-NHNN dated July 23, 2024 Circular on prescribing prudential ratios and limits for operations of people’s credit funds
- Số hiệu: 25/VBHN-NHNN
- Loại văn bản: Văn bản hợp nhất
- Ngày ban hành: 23/07/2024
- Nơi ban hành: Ngân hàng Nhà nước Việt Nam
- Người ký: Đoàn Thái Sơn
- Ngày công báo: Đang cập nhật
- Số công báo: Đang cập nhật
- Ngày hiệu lực: 23/07/2024
- Tình trạng hiệu lực: Không xác định
Đơn vị chủ quản: Công ty cổ phần tư vấn đầu tư và ứng dụng công nghệ 4.0.
Chịu trách nhiệm chính: Bà Phạm Hoài Thương.
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