GSB to curb loan extension

State-owned Government Savings Bank (GSB) will focus on handling bad debts as its top priority this year in a bid to curb outstanding loans from turning sour.

According to GSB president and chief executive Vitai Ratanakorn, the bank has chosen to focus on preventing bad debts rather than new loan extensions this year.

“New loan extensions at this time will lead to a higher risk of bad debts,” he said. “But that doesn’t mean that we will not extend new loans. Instead, our loan extensions will focus largely on government assignments.”

However, Mr Vitai insisted GSB is still dedicated to becoming a social bank to help narrow social disparity and reduce poverty in the country and allow low-income earners to gain easier access to financial services…