Municipal savings banks may issue credit cards without authorization from the SBS

The Congress of the Republic approved this Friday – by insistence – a law that strengthens municipal savings banks, with which they will allow them to issue credit cards without authorization from the Superintendency of Banking, Insurance and AFP (SBS).

The text — which saw the green light with 107 votes in favor — includes three initiatives (PL 78, 1014 and 1353) that “will open fair competition in the financial system that was denied for many years,” according to jose moonChairman of the Budget Committee.

While Elias Varaspresident of the Consumer Defense Commission, said that now the development of municipal savings banks will be promoted and they will promote competitiveness and improve the offer of services for citizens.

Said initiative maintains that the savings banks may have assets equivalent to 75,000 UIT (S/371 million 250,000) to its third year of operation to be able to issue credit cards. Those that do not have the required capital must be authorized by the SBS.

Currently, those that meet these requirements are Box Arequipa, Huancayo, Ica, Mainas, Piura, Sullana, Tacna, Trujillo and Metropolitan.

“In Peru the interest rate is 180%, while for depositing in a savings account, they give you only 2.5%. What does that mean? Of 5,000 soles that I deposit, they give me 2 soles fifty a year; while for a credit card interest rate I pay 180%. More than 10,000 soles,” summed up legislator Ilich López.