Decision No. 342/QD-NH17 announces the maximum interest rate for loans to members of People's Credit Funds at 2.5% per month. The grassroots credit funds shall base this rate to specify the specific interest rates to be applied within their operational areas.
Scope of application
Grassroots People's Credit Funds and branches of the State Bank of Vietnam in provinces and cities.
Key points
- Members of grassroots People's Credit Funds → are eligible for loans with a maximum interest rate of 2.5% per month.
- Management Boards of grassroots People's Credit Funds → must base the announced interest rate to specify the specific loan and deposit interest rates within their operational areas.
- Directors of State Bank of Vietnam branches in provinces and cities → are responsible for directing and supervising the implementation of credit interest rate policies and the highest interest rate.
🌐 Social impact of this document
- Positive impact: Reduces the financial burden on people when borrowing from People's Credit Funds.
- Negative impact: May limit the ability of People's Credit Funds to mobilize capital if the interest rate is too low.
❓ Frequently asked questions
What is the maximum interest rate for loans to members of People's Credit Funds?
The maximum interest rate for loans to members of People's Credit Funds is 2.5% per month.
What must grassroots People's Credit Funds do when announcing this interest rate?
Management Boards of grassroots People's Credit Funds must base the announced interest rate to specify the specific loan and deposit interest rates within their operational areas.
Who is responsible for directing and supervising the implementation of credit interest rate policies?
Directors of State Bank of Vietnam branches in provinces and cities are responsible for directing and supervising the implementation of credit interest rate policies and the highest interest rate.
When does this decision take effect?
This decision takes effect from January 1, 1996.
Do other regulations conflicting with this decision remain effective?
Other regulations conflicting with this decision are not effective from the date this decision takes effect.
Full text
Pursuant to …;
OF THE GOVERNOR OF THE STATE BANK OF VIETNAM
Announcing the maximum interest rate applicable within the system of people's credit funds
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Ordinance on the State Bank of Vietnam issued pursuant to Decree No. 37/LCT-HĐNN8 dated May 24, 1990 of the Chairman of the State Council;
Pursuant to Decision No. 390/TTg dated July 27, 1993 of the Prime Minister implementing the pilot project for establishing the system of people's credit funds;
Pursuant to Decision No. 155/QĐ-NH17 of the Governor of the State Bank promulgating the regulations on the organization and operation of people's credit funds;
At the proposal of the Director of the Department of Management of People's Credit Organizations;
DECISION:
Article 1:Now announces the highest lending interest rate for members of grassroots people's credit funds at 2.5% per month.
Article 2:
a. The boards of directors of grassroots people's credit funds shall base on the interest rate announced in Article 1 of this Decision to stipulate specific lending and deposit interest rates applicable within their operational areas.
b. The directors of provincial and municipal branches of the State Bank shall be responsible for directing and supervising people's credit funds to properly implement credit interest rate policies and the highest interest rate.
Article 3:This Decision takes effect from January 1, 1996. Any provisions contrary to this Decision shall be invalid.
Article 4:The Director of the Governor's Office, Heads of Departments managing People's Credit Organizations, Heads of relevant units at the Central State Bank, Directors of provincial and municipal branches of the State Bank, Chairmen of the Boards of Directors, General Directors of central people's credit funds, Directors of regional people's credit funds, and grassroots people's credit funds are responsible for implementing this Decision./.
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