BANGKOK, Oct. 15 (Xinhua) -- The Thai central bank on Tuesday announced that as with all commercial banks operating in Thailand, all state banks and nano-finance business will come under the Bank of Thailand's (BoT) rules of conduct.
Jaturong Jantarangs, assistant governor to the BoT, said the move to bring state banks into the same category was to ensure the benefits and protection of clients of financial service providers.
"We have already informed state banks that they will be subjected to the same criteria as their commercial counterparts," said Jaturong, "the BoT wants financial service providers to fair market practices. Customers have every right to receive fair and sincere services, as well as be given clear advice of products and services at reasonable prices and fair conditions."
Meanwhile one of Thailand's largest state-owned banks, the Government Savings Bank (GSB), said it has adopted BoT's market conduct rules for more than a year already.
"I agree with the BoT's new rule to have state run banks abide the same rules as commercial banks," said Chatchai Payuhanaveechai, president of GSB, "financial service providers should help customers understand their rights and obligations. These new rules will not affect the GSB operations and sales as adjustments were made a year ago."
