Republic Bank (Guyana) Limited has announced that 82 per cent of its point-of-sale terminals are now operable, thus, customers can conduct their transactions.
It was also stated that the private institution is working to ensure that consumers are compensated for the inconvenience they would have experienced after a new banking system was launched a few weeks ago.
“Eighty-two per cent of our point-of-sale terminals are now operable, facilitating customers’ payments at merchants, while we continue to address those outstanding for earliest availability,” the Bank said in a release.
According to the banking institution, with improved services at their Automated Teller Machines (ATMs), consumers can make larger withdrawals through an increased transaction limit of $100,000.
The introduction of the “swipe card” feature will greatly reduce the need for the completion of vouchers for some withdrawals and deposits.
Meanwhile, payrolls received to date have been processed, so that customers can access their salaries on time. The Bank is currently utilising four processing options to ensure that this completed.
This announcement comes hours after the central bank vowed to go after the Bank with penalties.
Governor of the Bank, Dr Gobind Ganga had stated, “There are a number of persons who have been disappointed as to their conduct when it comes to this new platform they’re trying to put in place. The central bank is also very disappointed. We’ve been in contact with Republic Bank to ensure they have the necessary structure in place but I should tell you they have been very, very slow”.
He added that at the last meeting that was held with the Bank’s CEO, Amral Khan, it was conveyed that the Bank was trying its best to rectify the issue.
“But that very best is still not what we are accepting. So we are ensuring that they are continuously addressing this issue to make it more acceptable to the public. We are hoping that when this platform is put in place, they’ll be able to compensate the customer some way or the other”.
It was pointed out by Finance Minister Winston Jordan that the Bank of Guyana does have the authority to issue circulars reprimanding banks. Dr Ganga also noted that the central bank will be meeting with the Guyana Association of Bankers on Friday to discuss its concerns.
The Bank’s Governor noted that when they do move towards sanctions, it’s going to be a substantial one. When asked, however, Dr Ganga shied away from singling out Republic Bank for sanctions.
“Republic Bank is forcing us in that direction, not just with their current conduct but future conduct…this will be across the banking system. This is not something for one individual…We are not threatening anybody. We want to put things out in the open. We will say this is what is expected of you, and if you are not going to do what you are required to do, then this will be the penalty”.
Since the November 4 transition into a newer system, many persons have complained about the long waiting time to conduct transactions. Shortly after, RBL said the system was displaying some challenges –which would be rectified at the soonest.
This came little over a month after the Central Bank of Guyana denied Republic Financial Holdings Limited, the parent company of Republic Bank (Guyana), permission for the purchase/acquisition of the operations of Scotiabank in Guyana.