Recommendations made to FDB for service enhancement
February 19, 2020 4:53 pm
Standing Committee on Economic Affair Chair, Vijay Nath [Source: Parliament of the Republic of Fiji]
Recommendations have been made to the Fiji Development Bank as to how they can become even more competitive in the banking environment.
Speaking on the Bank’s 2017 Annual Report, Standing Committee on Economic Affair Chair, Vijay Nath, says while the Bank performed extremely well in 2017 more support is still needed.
The Chair says FDB needs more exposure.
“It is imperative that FDB engage in aggressive marketing to raise awareness of other products offerings, to change the percentage of people that FDB loan process is too long the Committee recommends for an automated system to improve turnaround time”.
Nath says some schemes need to be re-introduced back to the bank’s portfolio.
“Special Loan schemes aimed at first time small growers to be reintroduced, finally given the high risk of development banking the Committee recommends that sufficient provision is always made allowed for bad debt.”
Attorney General Aiyaz Sayed-Khaiyum says FDB has moved away from writing off bad debts.
“FDB previously had a history of writing off a number of debts and in fact many of those debts written off are people who really did not deserve to have their debt written off, we are happy that FDB in recent times have not been doing that”.
The FDB’S 2017 Annual Report was unanimously passed in Parliament and the Prime Minister, Voreqe Bainimarama has assured that as the biggest lender of Agriculture Development in the country, the bank is there to help Fijians.