Even though Republic Bank has promised to do “its very best” to bring an end to the distress customers are facing as it updates its systems, it is just not enough, says Central Bank Head, Dr. Gobind Ganga. As such, sanctions are being actively considered.
It has been more than three weeks since Republic Bank has promised to fix all kinks being experienced with the modernization of its online and other systems for transactions. But Central Bank which has been monitoring the process says the commercial institution has been very slow. As a result, hundreds of Guyanese are unable to access their salaries, make withdrawals from ATMs, receive wire transfers, and in some instances, make deposits.
“They said they are trying their very best but that is not enough. We are hoping that when this new platform is put in place they can compensate customers for the distress they suffered in one way or the other,” Dr. Ganga said.
As it relates to penalties for the Bank, the Governor told the media today that this is being considered.
He said, “We are supposed to have a meeting on Friday with the Guyana Banking Association and this is one of the issues to be discussed.” The official declined, however, to speak to the range of penalties up for consideration while acknowledging that the Central Bank does not have the legal backing to institute same in that particular circumstance.
Be that as it may, he said that Central Bank intends to use “moral suasion” while noting that sanctions will be considered for input in future regulations.