The Reserve Bank of Fiji is currently reviewing the current fees and charges of the commercial banks in the country.
Going forward RBF Governor Barry Whiteside said the Reserve Bank will ensure any new fee or charge is fully justified prior to approval for implementation.
Whiteside said the RBF acknowledges that the banks, like any other commercial enterprise, are actively seeking to meet the needs of their customers with new product offerings, and that with new products and services comes with new fees and charges.
However Whiteside says the RBF’s task is to ensure these charges are reasonable.
Meanwhile the Reserve Bank has issued its revised policy guideline on fees and charges of licensed banks in Fiji.
The guideline imposes several new disclosure requirements on the banks however the key initiatives are in the standardization and details required to be disclosed.
The standardization is aimed at ensuring greater transparency and comparability of fees and charges across the different banks while the level of details required is aimed at assuring banks customers of the total cost of borrowings or net returns they will receive from deposits before a banking decision is made.
Story by: Vijay Narayan
RBF reviews current fees and charges of commercial banks
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