KTB ATMs confirm it won't fund rice

State-run Krungthai Bank has posted messages that appear on its ATMs confirming that the bank will not lend the government funds to support its bankrupt rice pledging scheme.

The bank has faced a customer confidence crisis since the anti-government protesters under the People’s Democratic Reform Committee (PDRC) said it would provide funding to finance the controversial rice scheme.

The government now owes more than one million farmers a total of more than 100 billion baht from crops harvested and pledged to the scheme months ago, but has no funds to make payment.

The ATM screen ad shows the image of president Vorapak Thanyawong with the message “Krungthai Bank insists that it has not approved the loans for rice-pledging scheme. It emphasises on professional management which taken into account the benefit of all stake holders.”

The bank on Tuesday held a press conference where it confirmed its position not approving funds while its staff dressed in black to show their opposition to loans for the cash-strapped scheme.

The caretaker government is trying to raise 130 billion baht to meet payments to farmers, but no bank wants to become involved.KTB is Thailand's second-largest bank by loan portfolio and has around 9,000 ATM machines across the country.

Share your thoughts

Discussion 1 : 06/02/2014 at 07:04 PM
Good business decision KTB, congratulations.
Discussion 2 : 06/02/2014 at 06:14 PM
This dear Yingluck and company is the biggest slap in your face possible. You are fighting a losing battle. You and your government will leave a legacy worse than ANY Thai government ever before.

Back to top

More From Bangkokpost.com