A batch of packages, aimed at comprehensively addressing the problem of loan sharks, will go before the cabinet for approval in the next few weeks. The packages include the roll-out of picofinance and a 50-billion-baht loan to refinance the underground lending. Chatchai Payuhanaveechai, the GSB president, said his bank and the BAAC are working out how to lend 25 billion baht each to refinance underground loans. Like the GSB, the state-backed farm bank aims to issue cash advance cards to 200,000 customers to help with their underground loans, he said. Eligible Thai workers can receive a loan of up to 250,000 baht each, with interest charged at the minimum retail rate, which now stands at 7%.

Source: Bangkok Post September 15, 2016 00:33 UTC