The Royal Monetary Authority is reviewing Bhutan National Bank’s double deductions of annual maintenance charges from some accounts recently. It affected more than 54,000 account holders. Action could follow if the review finds negligence, weak internal controls, or regulatory violations.
What was supposed to be a routine annual deduction quickly frustrated some customers of the Bhutan National Bank.
Customers received messages on their phones notifying them of the deduction of Nu 157.50, including 5% GST. But some were surprised to find that the amount had been deducted twice, leaving them furious. Customers took to social media to complain.
On 2nd August, the bank apologised on social media for the distress caused. It said any deductions made unnecessarily will be refunded.
Two days later, the bank said a system error during a routine update on 31st July resulted in a double deduction. They said all duplicate deductions have been identified and fully refunded, with customers receiving another SMS.
And now, as the banking regulator, the Royal Monetary Authority says it may take action against the bank, including penalties, if its review finds serious lapses.
In April, the central bank fined the Bank of Bhutan more than Nu 200 M over governance and control failures.
It was linked to the erroneous transactions totalling Nu 1.5bn during a system migration.
Kelzang Chhophyel
Edited by Tandin Phuntsho
