Republic Bank examining ways to compensate customers

-says updated system allows for $100,000 in single withdrawal from ATMs

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Hours after the Central Bank threatened to institute penalties against Republic Bank Limited (RBL) for inconveniencing hundreds of customers, the Trinidad-headquartered bank said it is considering compensation for aggrieved customers.

Governor of the Central Bank Dr. Gobind Ganga on Wednesday told the media that the Bank of Guyana is actively considering penalties against RBL for the slothful manner in addressing customers’ concerns.

While the law does not allow the Central Bank to enforce penalties, the Governor can issue regulations or circulars forcing financial institutions to act.

The Governor also touted compensation for customers.

According to a statement from RBL, at the bank’s annual general meeting on December 9, 2019, Chairman Nigel Baptiste announced that the bank is working on measures to compensate customers for the inconvenience experienced as a result of the conversion to the new banking platform.

The bank said with ongoing emphasis to improve transaction efficiency, customers can access their accounts via the bank’s Automated Teller Machines (ATMs) where a higher single transaction limit of $100,000 is now available.

“Eighty-two per cent of our Point of Sale Terminals are now operable, facilitating customers’ payments at merchants, while we continue to address those outstanding for earliest availability.”

The commercial entity said in-branch, resources have been redirected to ensure maximum support while its new Swipe Card feature will greatly reduce the need for the completion of vouchers for some withdrawals and deposits.

Payrolls received to date have been processed, the bank said, adding that it is currently utilising four payroll processing options to ensure that customers have on-time access to their salaries and bonus payments.

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