Riksbank Governor Stefan Ingves.
The National Bank believes that it would be an option to introduce a legal obligation for banks to provide cash services in tune with their customers’ needs and expectations.
“It would mean that a bank will not be able to draw down on its range of cash services faster than demand declines. the purpose of such a provision is to make clear that the banks have a responsibility to their customers and thus must consider the needs of customers when deciding on its range of services “writes Governor Stefan Ingves at Dagens Nyheter.
Done right, the law also become an engine to stimulate new partnerships and solutions even in the cash area, argues Stefan Ingves.
He states that the number of bank branches that handle cash has halved in just five years. During the same period, 154 branches closed.
“Many individuals, small companies and associations feel that it is difficult to take out cash. Even more difficult, it seems to be to deposit cash,” according to the Governor.
Ingves believes that obviously should not ignore the benefits of new electronic forms of payment which is gradually replacing cash. He believes, however, that cash is still needed and that the electronic payment services can not replace cash in all situations.
“This may involve groups who are unable to use electronic payment services, or it may involve electronic payment services are not is available in a particular place or at a particular time, for example due to technical limitations, “he says.
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