Monday, 03 October 2011 22:18 Nyi Thit A Burmese flag flies on the top of a branch of the Yoma Bank. Photo: Mizzima
Rangoon (Mizzima) – Burma’s state-owned Myanmar Insurance will offer an insurance plan to protect people’s money deposited in private and government banks should they fail.
A Burmese flag flies on the top of a branch of the Yoma Bank. Photo: Mizzima
The insurance will cover people who deposit between 100,000 kyat (about US$ 125) and 500,000 kyat in their bank accounts, and will not cover people who deposit more than 500,000 kyat, said sources close to the banking business.
The insurance plan is intended to make banking more systematic and ensure lower-income depositors that they can trust depositing their money in banks.
Myanmar Insurance has already informed all banks about the new plan, according to a senior official at a bank that is a joint venture with the Burmese government.
The insurance plan went into effect on Saturday. If a bank offers the service to its customers, a one-year insurance premium is 0.25 kyat per 100 kyat. If a bank fails within the one-year period, Myanmar Insurance will compensate customers who are insured.
“Although the insurance is not a must-buy, if a bank wants to provide better service to its customers, it can offer the insurance,” said a senior bank official.
Observers said the goal of the insurance coverage is to provide a service for lower income and middle class depositors to reassure them about the safety of putting their money in banks. The insurance premium compares to similar insurance in regional countries.
Bank insurance is among a number of Burmese banking reforms. Last week, Mizzima reported that the Central Bank has given a green light for banks to begin offering installment loans under a “hire-purchase system” to private citizens in cooperation with commercial companies and banks.
An official from the Central Bank in Naypyitaw told Mizzima: “The central bank has informed all state-owned banks and private banks that they can now do hire-purchase loans if they wish to do so.” The advisory was sent to all state-owned and private banks on September 15.
The banks will be provided a guarantee for the loan repayment by either an employer of the buyer or the sales company.
Ref:mizzima news
Popular Posts!
-
Chinese buyer pays CNY 180,000 for endangered fish By Mark Godfrey-June 30, 2016 See video- https://www.facebook.com/wunna.htun.94/videos/74...
-
By Stuart Deed | Monday, 03 December 2012 An artist’s impression of the finished Meeyahta development in downtown Yangon. (Y...
-
Dependants' Protection Scheme The Dependants’ Protection Scheme (DPS) is a term insurance that provides insured members and th...
-
AMANDA MACIAS MILITARY & DEFENSE JUL. 11, 2014, 6:47 AM There’s only one true way to compare military strength, and t...
-
Top 10 Plants That Will Kill You! Ok, I know I wasn’t supposed to do any more plant lists, but I couldn’t help myself. By killer p...
-
Oil and gas industry in Myanmar From Wikipedia, the free encyclopedia Oil wells in Yenangyaung , 1910 Burma ...
-
Myanmar Embassy Singapore Posted on: October 19, 2013 | Shwe Myanmar Address: N0: 15, ST Martin’s Drive, Singapore 257996...
-
Levi’s 501 Shrink-To-Fit (STF) Denim – The Ultimate Guide AUG 15, 2013 | | by Alexander Ramos If I can summarize Shrink-To-Fit (STF) in ...
LEVIS JEAN SHOP!
Tuesday, October 18, 2011
Subscribe to:
Post Comments (Atom)
My Blog List
ONLINE SOFTWARE!
- Sophos Anti-Virus for Mac Home Edition version 8
- Adobe PhotpshopCS6 for MAC
- Adobe for for Macintosh!
- Antivirus for Mac - Complete Virus Protection
- Audio, Video, Business and More Software for Mac OS X!
- Avira Free Antivirus for Mac!
- ClamXav The Free Anti-Virus Solution for Mac OS X
- Download free software from Softonic!
- Freemacware!
- Mac Keeper Security Software!
- Opensourcemac!
- avast! Free Antivirus for Mac!
No comments:
Post a Comment