Vietnam: What is the application form for cancellation of bank codes from July 1, 2024?
What is the application form for cancellation of bank codes in Vietnam from July 1, 2024? Where to download the application form for cancellation of bank codes in Vietnam?
The application form for cancellation of bank codes in Vietnam is specified in Appendix No. 02 issued herewith Circular 18/2023/TT-NHNN.
>> Download the application form for cancellation of bank codes in Vietnam here
What are the procedures for cancellation of bank codes in Vietnam?
Under Clause 6, Article 1 Circular 18/2023/TT-NHNN amending and supplementing Article 10 Circular 17/2015/TT-NHNN, the procedures for cancellation of bank codes in Vietnam are specified as follows:
- For units under the State Bank of Vietnam, within 10 working days from the date of termination of operation, the Department of Personnel and Organization shall send the application for cancellation of bank code according to Appendix No. 02 issued with Circular 18/2023/TT-NHNN to the Department of Information Technology via the Document Management and Administration System of the State Bank of Vietnam.
- For credit institutions (except people's credit funds) and foreign bank branches, within 10 working days from the date the credit institution or foreign bank branch issues a decision on dissolution, bankruptcy, or termination of operation, the Banking Inspection and Supervision Agency send the application for cancellation of bank code according to Appendix No. 02 issued with Circular 18/2023/TT-NHNN to the Department of Information Technology via the Document Management and Administration System of the State Bank of Vietnam.
- For credit institutions that are merged or consolidated, within 10 working days from the date of the merger or consolidation decision, new credit institutions shall make requests for cancellation of bank codes of merged or consolidated credit institutions according to Appendix No. 02 issued with Circular 18/2023/TT-NHNN on the State Bank of Vietnam's Public Service Portal.
- For dependent units and banks invested 100% of capital in foreign countries of credit institutions (except for people's credit funds), within 10 working days from the date of decision on termination of operation, or from the date the State Bank of Vietnam's document approving eligibility to establish a dependent unit or wholly foreign-invested bank expires, or there are no longer any professional activities or electronic data exchange through the State Bank of Vietnam, credit institutions shall make requests for cancellation of bank codes on the State Bank of Vietnam Public Service Portal according to Appendix No. 02 issued with Circular 18/2023/TT-NHNN.
- For people's credit funds, within 10 working days from the date of the decision on dissolution or bankruptcy, the SBV’s branch in the province or centrally run city where the people's credit fund is located makes a request for cancellation of bank code on the State Bank of Vietnam Public Service Portal according to Appendix No. 02 issued with Circular 18/2023/TT-NHNN
- For State Treasuries at all levels, within 10 working days from the date of the decision on termination of operation, or there are no longer any professional activities or electronic data exchange through the State Bank of Vietnam, the Central State Treasury makes a request for cancellation of bank code on the State Bank of Vietnam Public Service Portal according to Appendix No. 02 issued with Circular 18/2023/TT-NHNN.
- For other organizations with reporting and electronic data exchange activities related to the State Bank of Vietnam, when there is any demand to cancel the bank code, the unit shall request cancellation of the bank code on the Public Service Portal. State Bank of Vietnam according to Appendix No. 02 issued with Circular 18/2023/TT-NHNN.
- When receiving a request for cancellation of a bank code, the Department of Information Technology will check applications, coordinate with units of the State Bank of Vietnam or access the National database system on operation registration to check and compare applications. Within 03 working days from the date of receiving a valid application, the Department of Information Technology will cancel the bank code, send the results to the applicant and issue an electronic notice of cancellation of the bank code on the State Bank of Vietnam's Public Service Portal according to Appendix No. 06 issued with Circular 18/2023/TT-NHNN;
In case of refusal to cancel the bank code, the Department of Information Technology shall notify the reason for the refusal to the applicant according to the previous method for submission of the application.
What are the cases of cancellation of bank codes in Vietnam?
Under the provisions of Clause 5, Article 4 Circular 17/2015/TT-NHNN as follows:
Principles for issuing and canceling bank codes
1. A unique bank code is issued to each unit subject to being issued a bank code specified in Clause 1, Article 2 of this Circular.
2. The bank code remains unchanged and stable throughout the actual existence of the unit to which the code is issued.
3. The issued bank code cannot be reused for another unit.
4. The issuance of a bank code is carried out when the entity to whom the bank code is issued is established, merged, divided, or separated.
5. Cancellation of the bank code is carried out when the entity that has been issued the bank code dissolves, goes bankrupt or terminates operations.
Thus, according to the above regulations, the cancellation of the bank code is carried out when the entity that has been issued the bank code dissolves, goes bankrupt or terminates operations.
Circular 18/2023/TT-NHNN will be effective from July 1, 2024.
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