Responsibilities of the State Bank Branch in Provinces and Centrally-run Cities

Accordingly, Circular 06 stipulates the responsibilities of the State Bank's provincial and municipal branches directly under the central government, including:

- Management, inspection, supervision, and handling of violations by people's credit funds in provinces and cities where there is no Banking Inspection and Supervision Department;- Appraising, issuing licenses, and approving the list of individuals proposed for election or appointment as Chairperson and other members of the Board of Directors, Head and other members of the Supervisory Board, Director of the people's credit fund; confirming the registration of the people's credit fund charter; Reporting to the Governor of the State Bank (through the Banking Inspection and Supervision Agency) on the results of license issuance for people's credit funds within a maximum period of 15 days from the date of license issuance;- Issuing documents to collect opinions from:

- The People's Committee of the commune regarding the establishment of the people's credit fund in the locality, the list of individuals proposed for election or appointment as Chairperson and other members of the Board of Directors, Head and other members of the Supervisory Board, Director of the people's credit fund;

- Vietnam Cooperative Bank regarding the list of individuals proposed for election or appointment as Chairperson and other members of the Board of Directors, Head and other members of the Supervisory Board, Director of the people's credit fund (if deemed necessary);

- The Banking Inspection and Supervision Department;

- Directing, guiding, supervising, and inspecting the people's credit fund in implementing the regulations on transition and post-transition handling. Quarterly, within the first 15 days of the first month of the quarter, submitting a written report to the State Bank (Banking Inspection and Supervision Agency) on the implementation status of transition regulations of the people's credit fund in the locality.

See details Circular 06/2017/TT-NHNN effective from September 1, 2017.

- Thao Uyen -

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