The Government Savings Bank (GSB) has announced after a meeting that the 5-billion-baht loan granted to the Bank for Agriculture and Agricultural Cooperatives (BAAC) is being recalled amid pressure from customers and employees.
Chairperson of the GSB Board of Directors Chujira Kongkaew said after a meeting with the bank’s labour union that the bank will cancel its existing 20-billion-baht credit line to the BAAC on the interbank market. The move came after scores of GSB customers withdraw deposits worth over 30 billion baht.
The bank has suspended lending to the BAAC following a backlash from the public and its union. The GSB had earlier asserted that the 5 billion baht advance was not meant to fund the rice pledging scheme.
GSB president Worawit Chailimpamontri has also resigned from his post despite earlier resisting calls from employees to do so. His resignation will take effect in 30 days.
Mrs. Chujira is set to release an additional statement to the bank’s customers regarding the recall of the funds soon.
Source: http://thainews.prd.go.th/centerweb/newsen/NewsDetail?NT01_NewsID=WNECO5702180010008