Central bank to push banks to reduce transaction fee for SMEs and retail clients

Central bank to push banks to reduce transaction fee for SMEs and retail clients

By The Nation

Thanyanit Niyomkarn, assistant central bank governor, says many clients have complained to the Bank of Thailand about the high fees charged by commercial banks.

Many clients have complained to the Bank of Thailand about the high fees charged by commercial banks, Thanyanit Niyomkarn, assistant central bank governor, said yesterday, adding that the central bank would investigate and ensure that the fees charged are consistent with bank operating costs and that the banks do not place an unnecessary burden on clients.

The central bank aims to issue guidelines on transaction fees for commercial banks in the first quarter of next year and will follow up to see if these are being followed in June 2020,

“Due to many different kinds of fees charged, the central bank aims to help small and medium-sized enterprises (SMEs) first then look into the fees charged to retail clients,” she said.

Meanwhile Piti Thanavat, executive vice president of Krung Thai Bank (KTB) said that bank’s is planning cut fees to make the bank more competitive. Some fees may be cut by half, he added.

Source: https://www.nationthailand.com/business/30379077