I am delighted to extend my warmest greeting, wishing you all physical and mental well-being.
Our bank has already marked the 26th anniversary, and we are offering banking services to facilitate our customers with 175 bank branches, comprising 166 Full Branches and 9 mini branches.
The Global Treasure Bank has consistently been abiding by the rules and regulations of the Central Bank of Myanmar with the Board of Directors having formed five committees in concordance with the Financial Institutions Law to promote the banking services and keep the momentum already gained.
The Board of Directors and the Five Committees are holding regularly the monthly meetings during which arrangements are made for the progress of the bank.
With the passage of time, the Global Treasure Bank has earned the trust of the people, resulting in increase of the deposits. The Credit Committee, on its part, scrutinizes the loan applications in an appropriate manner so that the loan can be issued to those entrepreneurs who really need it. Regarding tax, we have always been dutiful, paying in the tax to the full.
GTB has been providing foreign banking services with the Authorized Dealer License issued by the Central Bank of Myanmar, and in this regard, GTB has opened the Nostro Accounts with the 10 Correspondent Banks, and is carrying out such foreign banking services as Export & Import Services, Bank Guarantee Services and the Trade Financing Services. Additionally, GTB has been linked to the Western Union and is carrying out the International Money Transfer with over 200 countries, transferring and receiving of money.
Concerning IT technology, the Core Banking System was started in 2018 by Infosys. The GTB-UPI Single Brand Credit Cards are being made in-house to make POS Payments and the On-line Payments with the hotels and the supermarkets. In addition, GTB can now provide 24/7 Internet Banking/Mobile Banking Services like transferring money, transferring of money to the mobile phone of those who have no bank account with the use of the number of Citizenship Scrutiny Certificate of the transferee, top-up the telephone bills and checking the balance of the account holders as well as their transaction details.
During the outbreak of Covid-19 pandemic, GTB has reduced the rate of interest on both the deposit and the credit as directed by the Central Bank of Myanmar. In accord with the CBM Directive 1/2020, GTB has reduced the interest rate by 0.5 per cent for the first time, by 1.0 per cent according to CBM Directive 4/2020 for the second time, and by 1.5 per cent in accordance with CBM Directive 8/2020 for the third time. This being so, a total of 3 per cent has already been reduced. Additionally, GTB has graced its customers to suspend paying in of interest for three months. The debtors are given exemption of fine with their interest amount also reduced. Monetary assistance in the form of Covid-19 relief aid has been provided to Yangon and Mandalay Regions and Rakhine State through Myanmar Banks Association. Arrangements have been made for all staff to be injected with Covid-19 vaccines.
The Global Treasure Bank, in performance of the Corporate Social Responsibility, contributed Kyats 318 lakh in Fiscal 2020-2021 for healthcare and natural disaster relief as well as for socio-economic development. A total of over Kyats 5,536 lakh have already been contributed for the welfare of the people. Just as GTB is making effort to provide monetary assistance to the needy, it is also keeping an eye on making profits for the sake of the shareholders.
On the other hand, we are effectuating technological and monetary development, and we are strongly confident that GTB will be able to realize its motto, "Your Dream, Your Success, Global Treasure Bank". We also wish a greater success in both local and foreign banking services.