Government banks take charge of credit card debt

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BANGKOK, 22 May 2011 – The Government Savings Bank (GSB) stated that three government bank managers including Krung Thai , GSB and the Islamic Bank of Thailand (IBank), had made joint statements of new finance policies regarding credit card debt. In order to minimize the people’s economic burdens, the three banks had raised quotas to an accumulated value of 10 billion baht. 4.5 billion baht for both Krung Thai and GSB, and 1 billion for IBank. 

GSB had considered raising loans to 300,000 baht per person and a 3-year repayment period and a 10 percent rate of interest. The project is available for registration on June 1 and preliminary document requirements include copies of census documents, identification as well as credit card invoices.

Futhermore, on May 30 , four financial institutions; made up of GSB, Bank for Agriculture and Agricultural Co-operatives (BAAC), the Government Housing Bank (GHB), and IBank will collaborate to launch the ATM Pool Transactions service which include withdrawals, deposits, and join transfers with low fee payments as part of minimizing costs for clients and continuous repayments of debt.