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16 June, 2024
 
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Hatzigiannis: ''The social responsibility of banks is non-existent''

MPs express disappointment over banks' response to ATM installation issue

Newsroom

Members of the Commerce Committee voiced disappointment following the responses provided by bank representatives regarding the installation of additional automatic teller machines (ATMs) to facilitate money withdrawals in communities.

Chairman of the Committee, Kyriakos Hatzigiannis, expressed his discontent, stating, "Unfortunately, what we received as a response from the banks is that they have no interest." He criticized their focus on implementing new technologies like cashback, which he deemed unfamiliar to consumers and shopkeepers.

"It seems that the social responsibility of banks is non-existent," lamented Hatzigiannis. He emphasized the importance of providing accessible banking services to senior citizens, asserting that it is their fundamental right to access their money conveniently.

Similarly, AKEL MP Kostas Kostas conveyed his disappointment, criticizing the banks and the Central Bank for downplaying the issue. He highlighted the challenges faced by the elderly, particularly in rural areas, following the closure of the Co-operative bank.

Stavros Papadouris, MP for the Ecologist Movement, underscored the need for a transition period to assist individuals who are unable to adapt to digital banking. He proposed installing ATMs outside police stations to ensure security and community coverage.

Despite the MPs' grievances, banks have been given a week to reconsider their stance on addressing the ATM accessibility issue.

Despite the disappointing response from banks, MPs have given them a week to reconsider their stance and demonstrate a willingness to address the issue.

The Commerce Committee's discussions shed light on the pressing need for improved banking accessibility and underscored the importance of banks fulfilling their social responsibility to serve all members of society.

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Cyprus  |  banks  |  economy  |  finance

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