THRIFT banks and rural banks in the business of microfinance may soon convert their branches into regular branch banking operations after the Monetary Board, the central bank’s policy-setting body, amended a provision in the industry’s regulatory manual.
In Resolution 1855 dated October 13, 2016, the Monetary Board amended the Subsec. X102.5 of the Manual of Regulation for Banks (MORB) giving microfinance-oriented thrift banks (TBs) and rural banks (RBs) the authority to covert their microfinance-oriented branches into regular branches.
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