Finance Ministry to Cut Credit Blacklisting Duration
The Finance Ministry plans to reduce the credit blacklist duration from eight years to help bad debtors access loans sooner. Deputy PM and Finance Minister Pichai Chunchavajra suggests shortening the current five-year blacklist period, plus three years of record-keeping, to one to two years plus three years of record-keeping. This aims to clear non-performing loans quicker and enable new loan applications from legal lenders.
The Finance Ministry is considering reducing the credit blacklist duration from 8 years to help bad debtors access new loans sooner.
Deputy PM and Finance Minister Pichai Chunchavajra stated that the current blacklist duration of five years, plus three additional years of record-keeping, is excessive.
The ministry proposes shortening this period to 1-2 years of blacklisting plus three years of record-keeping.
This change aims to clear non-performing loans (NPLs) quicker and allow debtors to apply for new loans from legal lenders.
Earlier this month, Pichai committed to expediting the disbursement of ten billion baht to clear NPLs of around one million government bank debtors who owe approximately ten thousand baht each.
Debtors will need to repay the government within two to three years.
Deputy PM and Finance Minister Pichai Chunchavajra stated that the current blacklist duration of five years, plus three additional years of record-keeping, is excessive.
The ministry proposes shortening this period to 1-2 years of blacklisting plus three years of record-keeping.
This change aims to clear non-performing loans (NPLs) quicker and allow debtors to apply for new loans from legal lenders.
Earlier this month, Pichai committed to expediting the disbursement of ten billion baht to clear NPLs of around one million government bank debtors who owe approximately ten thousand baht each.
Debtors will need to repay the government within two to three years.
