Monday, May 20, 2024 3:55:15 AM - Markets open
VN-INDEX 1,273.11 +4.33/+0.34%
HNX-INDEX 241.54 +1.53/+0.64%
UPCOM-INDEX 93.07 +0.37/+0.40%
Central bank reassures customer rights following $13.5m deposit loss
Vietnam News - 4/5/2024 4:00:39 PM
 (0 ratings. You must sign in to rate.)
 The State Bank of Vietnam (SBV) has reassured customers that their rights will be protected amid a recent case involving the loss of customer funds worth VNĐ338 billion (US$13.5 million) at a local bank.
 
Speaking at a press briefing on Wednesday, SBV deputy governor Đào Minh Tú said that “the affected customers’ funds will be guaranteed once responsibilities are determined at Vietnam Maritime Commercial Joint Stock Bank (MSB).”
 
“The central bank upholds customers’ rights and will enhance regulatory compliance to prevent similar financial discrepancies,” he said.
 
“These incidents are isolated and do not reflect systemic issues within the banking sector,” he added.
 
The SBV attributed such losses to operational violations, mismanagement, misconduct, and possible collusion between customers and bank officials.
 
To prevent future occurrences, regulatory changes related to account management and security measures will be reviewed, according to Tú.
 
Commercial banks have been asked to enhance monitoring of account balances, conduct audits regularly, and ensure customer information security.
 
In the case of MSB, where one individual customer reportedly lost VNĐ58 billion, the bank’s Thanh Xuân branch director, Bùi Thị Hoài Anh, 40, has been arrested for allegedly misappropriating a total of VNĐ338 billion from eight customers of the bank.
 
Despite repeated complaints from affected customers, the lender has not provided any explanation for the losses.
 
When asked for comment by a Việt Nam News reporter, a representative of MSB on the hotline declined to provide a statement.
 
They only said the bank was actively collaborating with authorities and supplying all necessary information pertaining to the case.
 
When asked if it is a savings account at MSB, an employee at an MSB branch on Nguyễn Công Trứ Street in District 1, HCM City, who declined to be named, told Việt Nam News that after working at MSB for several years she is “unsure if it is a savings account”.
 
“Customers need to wait for a conclusion from the police,” she added. “Depositors should deposit money under a traditional deposit savings account at the counter and receive a physical savings passbook.”
 
The Hà Nội Police are currently investigating the case and working to recover the lost assets of the victims.
 
According to the police “there are signs of fraudulent appropriation of property and we are pursuing the matter diligently.”
 
In recent years, there have been multiple scandals in the banking sector, with depositors occasionally filing complaints about their deposits “mysteriously disappearing” after depositing them at commercial banks.
 
When such a case occurs, local banks would avoid taking any responsibility for protecting their customers, raising concerns about the safety of deposits in the banks, experts have warned.
 
Their typical response to customers and the public is “wait for a decision from the police”, a process that can be too time consuming to resolve the matter, they noted. — VNS
 
Read original article here
Newer News
13/05 Central bank's bid to stabilise gold market hits snag
08/05 Proposal of compulsory non-cash payment for gold transactions controversy
08/05 Three bidders win gold auction at high price
06/05 Bank deposits decline for first time in over two years
06/05 SJC gold price hits all-time high
24/04 Two bidders win the first gold auction this year
24/04 HCM City seeks to draw remittances in infrastructure
24/04 HCM City could issue bonds for overseas Vietnamese to fund infrastructure: conference
19/04 Overseas remittances to HCM City record highest increase in three years
19/04 Old loans must endure higher interest rates temporarily: SBV
Older News
05/04 Việt Nam participates in ASEAN meetings, boosts financial and monetary cooperation
05/04 HDB: HDBank to pay 25% dividend in cash, stocks, aim for high growth in 2024
03/04 15 VN banks listed in Brand Finance Banking 500 2024 ranking
03/04 Bank credit increases again in March
03/04 Bank shareholders to receive high dividends, stock bonuses
28/03 Deposit interest rates to remain low until mid-2024: analysts
20/03 Central bank required to take urgent measures to stabilise gold market
20/03 Banks given advantages to CASA ratio
18/03 Việt Nam to revise gold market regulations: amendments to Decree 24/2012/NĐ-CP underway
18/03 Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
 
Newsletter Signup
Top Stories
VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
Cautious rise amid low supply and cash flow, investors advised to monitor resistance area
Interest rates to rise but not have major impact on stock market: economist
Businesses concerned about rising exchange rate pressure
Gold bar auction to be resumed after 11 years of suspension
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,273.11 +4.33/+0.34%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.