Cases of Revocation of Licenses for People's Credit Funds

17:20, 11/07/2024

Circular 23/2018/TT-NHNN was issued on September 14, 2018. This Circular stipulates the reorganization, revocation of the License, and liquidation of assets of people's credit funds. So, in which cases is the License of the People's Credit Fund revoked?

According to the provisions of Article 16 of Circular 23/2018/TT-NHNN, the license of a people's credit fund is revoked in the following cases:

Firstly, the people's credit fund voluntarily requests dissolution when it is capable of settling all debts and other asset obligations.

Secondly, the application dossier for the people's credit fund license contains fraudulent information to meet the conditions for obtaining the license.

Thirdly, the people's credit fund operates in a manner not consistent with the content stipulated in the license.

Fourthly, the people's credit fund seriously violates the legal provisions on limits and safety assurance ratios in operations.

Fifthly, the people's credit fund fails to comply with or fully implement the handling decisions of the State Bank branch to ensure safety in banking operations.

Sixthly, the people's credit fund is divided, merged, consolidated, or bankrupt.

Seventhly, the people's credit fund does not apply for an extension upon expiration of its operation period or applies for an extension but is not approved in writing by the State Bank branch.

For more related content, see: Circular 23/2018/TT-NHNN effective from November 1, 2018.

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