New Republic Bank systemRepublic Bank (Guyana) Limited has announced that 82 per cent of its point-of-sale terminals are now operable, thus, customers can conduct their transactions.It was also stated that the private institution is working to ensure that consumers are compensated for the inconvenience they would have experienced after a new banking system was launched a few weeks ago.One of the RBL branches“Eighty-two per cent of our point-of-sale terminals are now operable, facilitating customers’ payments at merchants, while we continue to address those outstanding for earliest availability,” the Bank said in a release.According to the banking institution, with improved services at their Automated Teller Machines (ATMs), consumers can make larger withdrawals through an increased transaction limit of $100,000.The introduction of the “swipe card” feature will greatly reduce the need for the completion of vouchers for some withdrawals and deposits.Meanwhile, payrolls received to date have been processed, so that customers can access their salaries on time. The Bank is currently utilising four processing options to ensure that this completed.This announcement comes hours after the central bank vowed to go after the Bank with penalties.Governor of the Bank, Dr Gobind Ganga had stated, “There are a number of persons who have been disappointed as to their conduct when it comes to this new platform they’re trying to put in place. The central bank is also very disappointed. We’ve been in contact with Republic Bank to ensure they have the necessary structure in place but I should tell you they have been very, very slow”.He added that at the last meeting that was held with the Bank’s CEO, Amral Khan, it was conveyed that the Bank was trying its best to rectify the issue.“But that very best is still not what we are accepting. So we are ensuring that they are continuously addressing this issue to make it more acceptable to the public. We are hoping that when this platform is put in place, they’ll be able to compensate the customer some way or the other”.It was pointed out by Finance Minister Winston Jordan that the Bank of Guyana does have the authority to issue circulars reprimanding banks. Dr Ganga also noted that the central bank will be meeting with the Guyana Association of Bankers on Friday to discuss its concerns.The Bank’s Governor noted that when they do move towards sanctions, it’s going to be a substantial one. When asked, however, Dr Ganga shied away from singling out Republic Bank for sanctions.“Republic Bank is forcing us in that direction, not just with their current conduct but future conduct…this will be across the banking system. This is not something for one individual…We are not threatening anybody. We want to put things out in the open. We will say this is what is expected of you, and if you are not going to do what you are required to do, then this will be the penalty”.Since the November 4 transition into a newer system, many persons have complained about the long waiting time to conduct transactions. Shortly after, RBL said the system was displaying some challenges –which would be rectified at the soonest.This came little over a month after the Central Bank of Guyana denied Republic Financial Holdings Limited, the parent company of Republic Bank (Guyana), permission for the purchase/acquisition of the operations of Scotiabank in Guyana.
Prime Minister, the Most Hon. Andrew Holness, says the Government is providing additional resources to train more persons for job opportunities in the rapidly expanding business process outsourcing (BPO) sector. Story Highlights “The Government of Jamaica stands in support of the BPO (sector), and we will make the necessary investments to ensure that there is the flow of human resources to support the continued development and expansion of that industry,” he said. Prime Minister, the Most Hon. Andrew Holness, says the Government is providing additional resources to train more persons for job opportunities in the rapidly expanding business process outsourcing (BPO) sector.“The Government of Jamaica stands in support of the BPO (sector), and we will make the necessary investments to ensure that there is the flow of human resources to support the continued development and expansion of that industry,” he said.The Prime Minister was speaking at the official launch of KPMG in Jamaica’s nearshore knowledge outsourcing facility – KPMG Jamaica Extended Support Services (K-JESS) – at Harbour Street in downtown Kingston on Tuesday (November 13).Mr. Holness said he is of the opinion that the BPO industry, which now directly employs 30,000 persons locally, has the potential to employ “10 times that” with good quality jobs.“The BPO industry can create good quality… high-paying jobs. It can create career opportunities – jobs with a long life cycle where you can start at one level and spend your lifetime in it, ending at a significantly higher level where a career path is established,” he said.It is in recognition of this potential that the Government has been preparing the workforce to take up lucrative job opportunities in the sector though training under the Housing, Opportunity, Production and Employment (HOPE) Programme, and the Heart Trust/NTA.The Prime Minister said he is cognisant that the industry will continue to evolve, and, as such, the Government will be investing in the higher-order services “to ensure that Jamaica continues to be an attractive destination for BPO services”.In the meantime, Mr. Holness praised the local arm of KPMG on the investment the company is making in the knowledge outsourcing sector, noting that the Government is seeking to invest in and expand this industry.“The level of analytical work that is required by your shared support service centre requires high-level trained staff to do your accounting work, to do your research work, to do your data analytics.That is what we want to train our human resources here to do, and that is the investment that the Government of Jamaica is willing to make,” he said.KPMG in Jamaica, which is a member firm of KPMG International, provides audit, tax advisory and outsourcing services from two offices in Kingston and Montego Bay. It employs over 475 professionals.K-JESS, which is Jamaica’s new knowledge outsourcing service, is projected to initially employ an additional 175 persons, which is expected to grow to around 250 individuals.