BoT urges commercial bankers into corporate social responsibility

BANGKOK, July 14 (TNA) – The Bank of Thailand (BoT) is encouraging Thailand’s commercial banks to join together in setting up a Corporate Social Responsibility (CSR) Association so that they could have a greater role in the social and environment protection.

The BoT source said the commercial banks were invited on Monday to discuss the CSR issue and the possible establishment of the CSR Association through the cooperation of the Thai Bankers’ Association.

It is generally known that the commercial banks support social and environment protection to an extent, but they had done CSR activities separately.

With such an association, the banks would have a greater role in influencing society and the environment, said the source.

In addition to establishing a CSR Association, the central bank hoped to see the commercial banks operate their businesses according to an ethical code and with corporate good governance.

For instance, the banks must determine interest rates or extend loans based on the common interest of people and society as well as the overall picture of the economy.

Financial service contracts should also be written in larger type, rather than the extremely small font size used at present. Also, in making any contracts, the banks should attempt to have customers read contracts in detail because they are made. (TNA)

 Business News : Last Update : 08:42:41 14 July 2009 (GMT+7:00)