The State Bank of Việt Nam (SBV) has requested that its branches, credit institutions, foreign bank branches, and the National Payment Corporation of Việt Nam (NAPAS) ensure the safety of banking operations during the upcoming Tết (Lunar New Year) holiday.
Commercial banks must be responsible for the provision of cash in ATMs, ensuring smooth monetary circulation, and avoiding cash shortages or negative effects on monetary circulation.
Currently, numerous banks have raised their maximum deposit limits by 200%. However, the State Bank estimates that during the upcoming Tet holiday, demand for cash withdrawals will decrease due to the pandemic.
As such, more people will switch to electronic payment services, online money transfers, and cash withdrawals at local banks, decreasing the pressure on cash withdrawals from ATMs compared to previous years.
