Central bank urges card issuers to review procedures

Illustrative image (Photo: Internet)

Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV)has issued a directive, demanding commercial banks to review their proceduresin issuing and managing bank cards.

The central bank said its top priority is to ensure that securitymeasures are up to standards and the rights of both consumers and banks areprotected under existing laws and regulations.

Banks must take all necessary steps to make their fees, interestrates and interest calculation methods available to the public and strictlyfollow the central bank's rules. They must also make sure customers areinformed about their rights and obligations, especially for credit cards.

Banks were told to review the entire process of handlingcomplaints and reconciliations to ensure customer cases are resolved promptly.The banks are held responsible for contacting their customers about unusualactivities, as well as non-activities, regarding their cards. They were alsotold to work together with Governmental agencies in security matters.

The central bank asked commercial banks to implement communicationmeasures, through mass media, communication channels that customers can easilyaccess, to keep them informed of their rights and obligations and to advisethem on security measures to protect personal data and bank card information./.

VNA