When is it Mandatory to Terminate the Operations of a Postal Transaction Office?

21:34, 10/07/2024

Circular 43/2015/TT-NHNN stipulating the organization and operation of post office transaction offices under Lien Viet Post Joint Stock Commercial Bank was issued on December 31, 2015 by the State Bank, detailing the mandatory termination of operations for Post Office Transaction Offices.

According to Circular 43/2015/TT-NHNN, the postal transaction office is required to cease operations if it engages in activities not authorized under the regulations specified in Article 7 of Circular 43.

Additionally, regarding the mandatory cessation of operations of the postal transaction office, the following points should be noted:

- The State Bank branch or the Banking Inspection and Supervision Department where the postal transaction office is located must issue a written request for Lien Viet Post Joint Stock Commercial Bank to cease the operations of the postal transaction office.- Within 45 days from the date the State Bank branch or the Banking Inspection and Supervision Department issues the written request, Lien Viet Post Joint Stock Commercial Bank must complete the cessation of operations of the postal transaction office; submit a written report to the Banking Inspection and Supervision Department and the State Bank branch where the postal transaction office is located regarding the date the operations ceased.- If there are any complaints regarding the request from the State Bank branch or the Banking Inspection and Supervision Department, Lien Viet Post Joint Stock Commercial Bank shall follow the complaint procedures.

More details can be found in Circular 43/2015/TT-NHNN which took effect on March 15, 2016.

- Khanh Chi-

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