Circular 03: Responsibilities of Cooperative Banks, People's Credit Funds

Circular 03/2014/TT-NHNN has detailed the responsibilities of cooperative banks and people's credit funds. To be specific:

Responsibilities of Cooperative Banks

- Establish a Preservation Fund as stipulated in this Circular.- Calculate and timely and fully pay the fees to participate in the Preservation Fund.- Inspect the calculation, deduction, and payment of fees and urge the people's credit funds to timely and fully pay the fees into the Preservation Fund.- Manage, utilize, and take responsibility for the use of the Preservation Fund.- Develop Management and Utilization Regulations for the Preservation Fund, submit it to the General Assembly of Cooperative Banks to approve for issuance and implementation throughout the entire system of people's credit funds as stipulated in Clause 2, Article 5 of this Circular and other related legal provisions.- Report the operational status and financial situation of the Preservation Fund at the General Assembly of the cooperative banks.- Strictly follow the reporting policies to the State management agencies.

Responsibilities of People's Credit Funds

- Calculate and timely and fully pay the fees to participate in the Preservation Fund.- Strictly follow the Management and Utilization Regulations of the Preservation Fund and other related legal provisions.- Use the support loans from the Preservation Fund for the correct purposes.

See more details at Circular 03/2014/TT-NHNN effective from March 15, 2014.

Thu Ba

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