The requirements for staff at post office branches under LienVietPostBank Commercial Joint Stock Bank will be revised from October 15, 2023 in Vietnam
From October 15, 2023: What are regulations on revision of the requirements for staff at post office branches under LienVietPostBank Commercial Joint Stock Bank in Vietnam? - Mr. Nguyen (Ha Noi).
The requirements for staff at post office branches under LienVietPostBank Commercial Joint Stock Bank will be revised from October 15, 2023 in Vietnam
On August 31, 2023, the Governor of the State Bank of Vietnam issued Circular 11/2023/TT-NHNN on the amendment and supplementation of some articles of Circular 43/2015/TT-NHNN on the organization and operation of post office branches under LienVietPostBank Commercial Joint Stock Bank.
As prescribed in Article 8 of Circular 43/2015/TT-NHNN (amended by Point a, b, Clause 4, Article 1 and Clause 3, Article 2 of Circular 11/2023/TT-NHNN, and Point a, Clause 5, Article 1 of Circular 27/2022/TT-NHNN), the requirements for the operation of post office branches are as follows:
Requirements for the operation of post office branches
The staff at a post office branch must meet the following requirements:
a) Have at least 3 people, including 1 controller or equivalent position to perform the daily transaction control and approval tasks and be employees of LienVietPostBank Commercial Joint Stock Bank. By March 1, 2024, if the post office branch does not meet this condition, it will not be allowed to perform the activity of receiving savings deposits. The handling of deposits that have been received before will be carried out in accordance with Clause 4, Article 7 of this Circular;
b) Have participated in a training course on related business by LienVietPostBank Commercial Joint Stock Bank (except for cases of officers with a college degree or higher in finance and banking);
c) For staff holding the position of controller (or equivalent position), must have a college degree or higher in economics, finance, and banking.
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Therefore, from October 15, 2023, the controller or equivalent position responsible for daily transaction control and approval will also be an employee of LienVietPostBank Commercial Joint Stock Bank. Previously, this person was not required to be an employee of LienVietPostBank Commercial Joint Stock Bank.
In addition, if the new staffing requirements are not met before March 1, 2024, the post office branch that does not meet the staffing requirements will not be allowed to perform the activity of receiving savings deposits.
From October 15, 2023: The Board of Directors of LienVietPostBank Commercial Joint Stock Bank will no longer have the authority to establish post office branches in Vietnam
Pursuant to Article 5 of Circular 43/2015/TT-NHNN stipulating the authority of the Board of Directors of LienVietPostBank Commercial Joint Stock Bank as follows:
The powers of the Board of Directors of LienVietPostBank Commercial Joint Stock Bank
In accordance with the provisions of this Circular and in accordance with the development direction of the bank, the Board of Directors of LienVietPostBank Commercial Joint Stock Bank has the authority to decide:
1. The establishment of post office branches.
2. The change of name, location of post office branches.
3. The change of the branch managing the post office branch on the ground.
Pursuant to Clasue 4 Article 2 of Circular 11/2023/TT-NHNN amending, supplementing, annulling some regulations of the Circular 43/2015/TT-NHNN as follows:
Amendments, replacements, and repeals of certain words, phrases, clauses, and articles of Circular No. 43/2015/TT-NHNN
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4. Repeal Clause 1, Article 5, Article 9, Clause 1, Article 17, and Clause 1, Article 18.
5. Add Appendix 03 attached to this Circular.
Therefore, from October 15, 2023, the Board of Directors of LienVietPostBank Commercial Joint Stock Bank will no longer have the authority to establish post office branches.
The regulation on the procedures for the opening of post office branches under LienVietPostBank Commercial Joint Stock Bank will be repealed from October 15, 2023 in Vietnam
Pursuant to Article 9 of Circular 43/2015/TT-NHNN stipulating the authority of the Board of Directors of LienVietPostBank Commercial Joint Stock Bank as follows:
Procedure for the opening of post office branches
1. Documents for requesting confirmation of the conditions for the opening of post office branches:
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2. Procedure and procedures for requesting confirmation of the conditions for the opening of post office branches:
...3. After receiving the confirmation letter from the State Bank of Vietnam, LienVietPostBank is responsible for completing the procedures for notifying the establishment of a business location in accordance with current regulations, announcing information about the opening date of operations on the website, at the headquarters, and at the branch office managing the post office branch.
Pursuant to Clasue 4 Article 2 of Circular 11/2023/TT-NHNN amending, supplementing, annulling some regulations of the Circular 43/2015/TT-NHNN as follows:
Amendments, replacements, and repeals of certain words, phrases, clauses, and articles of Circular No. 43/2015/TT-NHNN
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4. Repeal Clause 1, Article 5, Article 9, Clause 1, Article 17, and Clause 1, Article 18.
5. Add Appendix 03 attached to this Circular.
Therefore, Circular No. 11/2023/TT-NHNN (effective from October 15, 2023) stipulates that Article 9 of Circular No. 43/2015/TT-NHNN, which regulates the procedures for the opening of post office branches, will be repealed.
Note: Circular No. 11/2023/TT-NHNN is effective from October 15, 2023.
Best regards!
