Circular No. 19/2019/TT-NHNN dated November 05, 2019 of the State Bank of Vietnam prescribing the operation network of microfinance institutions

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ATTRIBUTE

Circular No. 19/2019/TT-NHNN dated November 05, 2019 of the State Bank of Vietnam prescribing the operation network of microfinance institutions
Issuing body: State Bank of VietnamEffective date:
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Official number:19/2019/TT-NHNNSigner:Dao Minh Tu
Type:CircularExpiry date:Updating
Issuing date:05/11/2019Effect status:
Known

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Fields:Finance - Banking

SUMMARY

Microfinance institution branch is allowed to receive savings with the maximum of VND 1 million/client/day

On November 05, 2019, the State Bank of Vietnam promulgates the Circular No. 19/2019/TT-NHNN providing for the operational network of microfinance institutions.

Accordingly, branches and transaction offices of microfinance institutions are allowed to receive compulsory savings and voluntary savings from a microfinance customer by the amount not exceeding VND 1 million in 01 day. In addition, these branches and transaction offices shall conduct a number of the following activities: To research and introduce customers; To consult and guide the establishment of a savings and loan group; To pay compulsory savings and voluntary savings of microfinance customers...

Within the first 5 working days of the first month of a quarter, the microfinance institution or its branch shall send a written notice of the list of transaction points to the State Bank branches in centrally-run cities and provinces where the branch offices of microfinance institutions are located. The list of transaction points must contain minimally the following contents:  A list of transaction points operating, in which information on the names of branches and transaction offices responsible for managing...; A list of transaction points which are opened and terminated in the previous quarter.

This Circular takes effect on January 01, 2020.

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Effect status: Known

THE STATE BANK OF VIETNAM

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

No. 19/2019/TT-NHNN

Hanoi, November 5, 2019

 

CIRCULAR

Prescribing the operation network of microfinance institutions[1]

 

Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;

Pursuant to the June 16, 2010 Law on Credit Institutions;

Pursuant to the November 20, 2017 Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions;

Pursuant to the November 26, 2014 Law on Enterprises;

Pursuant to the Government’s Decree No. 16/2017/ND-CP of February 17, 2017, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Chief of the Banking Supervision Agency;

The Governor of the State Bank of Vietnam promulgates the Circular prescribing the operation network of microfinance institutions.

 

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular prescribes:

1. The establishment, termination of operation and dissolution of domestic branches, transaction bureaus, representative offices or non-business units of microfinance institutions; and the opening and termination of operation of transaction points of microfinance institutions.

2. The renaming and relocation of offices of branches, transaction bureaus, representative offices or non-business units of microfinance institutions; and the change of branches managing transaction bureaus of microfinance institutions.

3. The transformation of attached units of microfinance programs or projects into branches, transaction bureaus, non-business units or representative offices of microfinance institutions.

Article 2. Subjects of application

1. Microfinance institutions.

2. Organizations and individuals involved in the establishment, termination of operation or dissolution of branches, transaction bureaus, representative offices or non-business units; the opening or termination of operation of transaction points; the renaming and relocation of offices of branches, transaction bureaus, representative offices or non-business units; the change of branches managing transaction bureaus; and the transformation of attached units of microfinance programs or projects into branches, transaction bureaus, non-business units or representative offices of microfinance institutions.

Article 3. Interpretation of terms

In this Circular, the terms below are construed as follows:

1. Operation network of microfinance institutions includes domestic branches, transaction bureaus, representative offices and non-business units.

2. Branch means a dependent unit of a microfinance institution which has its own seal and is tasked to perform one or more than one function of such microfinance institution according to the latter’s internal regulations and law.

3. Transaction bureau means a type of branch or dependent unit of a microfinance institution which is managed by a branch of such microfinance institution. A transaction bureau has its own seal and office located in the operation area of the managing branch, and is tasked to perform one or more than one function of such microfinance institution according to the latter’s internal regulations and law.

4. Representative office means a dependent unit of a microfinance institution which has its own seal and acts as an authorized representative of such microfinance institution. A representative office may not conduct business operations.

5. Non-business unit means a dependent unit of a microfinance institution which has its own seal and performs one or more than one of the activities to support business operations of such microfinance institution in accordance with Article 6 of this Circular.

 

[1] Công Báo Nos 899-900 (16/11/2019)

 

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