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last week Congress of the Republic Strongly endorsed an autograph that allowed municipal funds to issue credit cards to promote consumer competition, what would that mean?
This legislative initiative It was overseen by the executive, but was again approved with 107 “yes” votes.
Under this law, savings banks will be able to have assets equivalent to UIT 75,000 or SGD 371,250,000 in their third year of operation in order to be able to issue credit cards, so they will no longer need mandatory approval from the Banking Authority. insurance and AFP (SBS).
SBS permission to issue cards This will only be necessary when the box does not have the required capital specified in the law.
What boxes could issue cards?
Currently, only Caja Cusco is authorized by SBS to issue credit cards, while 9 out of 11 municipal savings banks are authorized to offer only debit cards.
With this change, the law now states that Caja Arequipa, Huancayo, Ica, Mainas, Piura, Sullana, Tacna, Trujillo and Metropolitana qualify for extradition Credit cards.
The Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac) recently indicated that five municipal savings banks could issue their first credit cards in the second half of 2023, among them the savings banks of Cusco, Arequipa, Piura, Trujillo and Huancayo. .
Union president Jorge Solis told the RPP a few weeks ago that the rates offered boxes municipal will be at least 22%.
“We predict we will be able to place credit cards with rates ranging from 22% to 28%. Revolving lending rates are currently 80% or 86%, so this will benefit millions of people,” he said.
However, it has recently become known that rates currently projected to be between 25% and 35%, depending on the institution and the credit risk of each client. Although this figure is still much lower than the one that banks are now reporting.
It is worth noting that currently Caja Cusco, which can already issue cards with the permission of SBS, is offering a 29% interest rate on its product.
It is currently stated that Department of Banking, Insurance and AFP will have a period of up to 60 days to prepare and publish the rules for this measure.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.