GSB stunned by B30bn run on deposits | Bangkok Post: news

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GSB stunned by B30bn run on deposits

Clients pull cash amid rice-pledge suspicion

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The Government Savings Bank (GSB) has decided to suspend further lending to the Bank for Agriculture and Agricultural Cooperatives (BAAC) after experiencing a 30-billion-baht deposit run amid concerns the loan is being used to pay for the loss-ridden rice-pledging scheme. 

Customers storm into the Hat Yai branch of the Government Savings Bank in Songkhla to withdraw cash on Monday. Wealthier people taking out large sums left with cash in their bags while those withdrawing small amounts got cheques. VICHAYANT BOONCHOTE

"The GSB board will discuss the matter [today] as the issue affects the bank," president Worawit Chailimpamontri said yesterday.

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