Central bank to conduct unscheduled inspections of credit institutions
Headquarters of the State Bank of Vietnam (SBV). (Photo sbv.gov.vn)
The State Bank of Vietnam's (SBV) competent authorities can conduct unscheduled inspections of credit institutions to ensure their compliance with monetary and banking legal regulations from next month, according to a newly issued circular.
The new policy, under the SBV’s Circular 17/2023/TT-NHNN, will take effect from February 8 this year.
According to the SBV, the inspection is aimed at reviewing and evaluating information, data, and the compliance with monetary and banking policies and laws of credit institutions to ensure their completeness, accuracy, and compliance with regulations of laws on currency and banking.
Under the circular, planned and unscheduled inspections, which are carried out with authority and on the basis of legal regulations, will be conducted to ensure accuracy, objectivity and without overlap. Unscheduled inspections will be carried out on the basis of management requirements and actual situations; or requests, suggestions, and feedback from competent State agencies; or upon request or direction of the SBV’s Governor.
The SBV Governor will assign the heads of other administrative agencies under the SBV to sign the annual inspection plans. The SBV’s Banking Supervision Agency will take responsibility for developing and issuing an inspection plan for the following year before December 15 every year, and send the promulgated inspection plan to other administrative units under the SBV.
Other administrative agencies under the SBV will develop and issue inspection plans for the following year before December 25 every year, ensuring there will be no overlap with the inspection plans of the SBV’s Banking Supervision Agency for that year.
The annual inspection plans, which can be amended and supplemented when necessary, must have a basis for issuance, purpose, requirements, subjects, content, and time. The plans must be sent to the inspection subject no later than five working days from the date of issuance, according to the circular./.
Related News
Latest News
Fiscal policy is expanded and flexible to promote economic growth 2024
13:28 | 13/05/2024 Finance
Closely follow the situation, research and propose many solutions about taxes and fees to support the economy
08:16 | 12/05/2024 Finance
Prevent corruption and group interests in developing financial laws
10:07 | 11/05/2024 Finance
"Creativity in revenue collection to achieve set goals in difficult contexts"
14:55 | 10/05/2024 Finance
More News
Strive to effectively implement Global Minimum Tax in Vietnam
10:22 | 10/05/2024 Finance
State Treasury raises over $890 million worth of G-bonds in April
14:46 | 09/05/2024 Finance
State expenditure in the first four months of 2024 reaches VND522.2 trillion
09:54 | 09/05/2024 Finance
SBV ready to intervene to stabilise foreign exchange rate: Deputy Governor
15:41 | 08/05/2024 Finance
Warn about the fraudulent tricks of stock investment
16:30 | 07/05/2024 Finance
State budget revenue estimated at VND733.4 trillion
14:40 | 06/05/2024 Finance
Six localities should expedite site clearance and public investment
10:36 | 05/05/2024 Finance
Banks announce plans to significantly increase capital
15:11 | 04/05/2024 Finance
Minister of Finance Ho Duc Phoc receives Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam
13:47 | 04/05/2024 Finance
Your care
Fiscal policy is expanded and flexible to promote economic growth 2024
13:28 | 13/05/2024 Finance
Closely follow the situation, research and propose many solutions about taxes and fees to support the economy
08:16 | 12/05/2024 Finance
Prevent corruption and group interests in developing financial laws
10:07 | 11/05/2024 Finance
"Creativity in revenue collection to achieve set goals in difficult contexts"
14:55 | 10/05/2024 Finance
Strive to effectively implement Global Minimum Tax in Vietnam
10:22 | 10/05/2024 Finance