LPS Chairman Addresses Increasing Closure of Rural Banks: Mismanagement Main Cause

Purbaya Yudhi Sadewa, Chairman of the Board of Commissioners (DK) of the Deposit Insurance Corporation (LPS), has voiced concerns over the rising number of closures among rural banks (BPR), reaching an average threshold in the first two months of the year.

Notably, six BPRs have already faced license revocation by the Financial Services Authority (OJK) this year, with the latest being PT BPR EDC Cash in Tangerang, Banten, on February 27, 2024.

Sadewa reassured the public, stating that LPS possesses adequate funds to handle deposit claims resulting from these closures. He attributed BPR failures primarily to mismanagement, often involving the misuse of funds by owners.

Regarding economic pressures, Sadewa noted that thus far, no BPR has encountered issues solely due to economic conditions. He emphasized his search for BPRs facing economic challenges but with good management practices, stating that none have been found thus far.

Sadewa mentioned that some BPRs transferred to LPS by the OJK have successfully attracted new investors, thereby avoiding license revocation. However, he anticipated that a few BPRs may not survive, estimating no more than two closures.

As the primary payer, Sadewa indicated readiness to handle further BPR failures, awaiting decisions from the OJK. Despite the closures, LPS currently boasts assets totaling Rp214 trillion, more than sufficient to cover deposit claims from the six failed BPRs this year, with total claims amounting to less than Rp1 trillion.

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