The National Institute of Social Security (INSS) has already blocked R$27 million in several installments which would be deducted from retired And retired because of payday loans granted by Main bank.
The blockages are carried out because the institute has suspended as a precaution the transfer of sums withdrawn by the bank, due to possible irregularities In concession loans. The suspension took place on November 26 and has already generated a blockage of 27 million reais so far.
The decision comes after the Central Bank (British Columbia) having decreed, on November 18, the liquidation of Banco Master due to the serious liquidity crisis of the conglomerate and the significant compromise of its economic and financial situation, in addition to “serious violations” of the rules that govern the national financial system.
The INSS says the blockages are necessary to “put an end to possible irregularities and protect the public interest, until the definitive conclusion of the investigation process.”
The decision was taken as part of the investigation process into irregularities in the technical cooperation agreement (ACT) signed between INSS and Banco Master. Since October, the bank has not been allowed to offer payday loans to retirees and retirees, either through payroll deductions or payday credit cards. However, the loans taken out remained in force.
According to the INSS, the suspension of Master is due to the significant volume of complaints on official and public bases – with reports of difficulties in cancellation, undue fees and unrecognized operations – and signs of inadequacy between the practices adopted and the regulatory parameters.
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