GH Bank gets Cabinet blessing to issue lottery-saving products
The Government Housing Bank said the Cabinet approved a law amendment that would allow the state-owned bank to issue lottery-saving products to help it mobilise capital.
The savings will be tied to lucky draws offering big prizes.
Currently only two banks, the Government Savings Bank and the Bank for Agriculture and Agricultural Cooperatives, are authorised to issue lottery-saving products.
The products are popular among people who bet to win jackpots of up to Bt10 million from each bank. They do not lose the principle for failing to hit the jackpot.
The draft bill must be approved by the National Legislative Assembly before it becomes law.
GH Bank has a low capital base partly because it has limited branches to mobilise cheap funds by taking deposits from savers.
But its mortgage loans are in high demand among low and middle-income groups.
