Yeongam County Expands Financial Institutions for Dedicated Local Subsidy Accounts

Agreement with Saemaeul Geumgo and Credit Union...Resolving Inconveniences for Project Operators

Yeongam-gun Office.

Yeongam County in South Jeolla Province has expanded the range of financial institutions where dedicated local subsidy accounts can be opened, improving financial service convenience for subsidy project operators.

On the 11th, the county announced that it had signed a work agreement with local financial institutions such as Saemaeul Geumgo and the Credit Union, thereby expanding the range of financial institutions where dedicated local subsidy accounts can be opened beyond the previously designated treasury banks.

Until now, dedicated local subsidy accounts were limited to NH Nonghyup and Kwangju Bank, which are designated as local government treasury banks, so subsidy project operators were constrained in their choice of banking outlets and experienced inconveniences such as long-distance travel.

With this measure, it has become possible to open dedicated accounts at Saemaeul Geumgo and the Credit Union as well, allowing subsidy project operators to choose a closer financial institution when opening an account.

The county explained that this institutional improvement is a follow-up measure to the revision of the Ministry of the Interior and Safety's "Local Subsidy Management Standards" at the end of last year. Under the revised standards, local governments are now allowed to permit the opening of dedicated accounts at financial institutions other than designated treasury banks through agreements.

The county promoted agreements with local financial institutions in order to swiftly resolve the inconveniences faced by subsidy project operators, and stated that this has improved the accessibility and convenience of subsidy execution.

In addition, by ensuring stable linkage between the online integrated local subsidy management system "Botaem-e" and financial institutions, the county plans to strengthen the transparency and efficiency of subsidy execution and to gradually expand agreements with other financial institutions in the future.

Shin Hwanjong, Head of Planning and Budget for Yeongam County, said, "We have taken preemptive steps to improve the system in order to resolve the financial inconveniences experienced by subsidy project operators," adding, "We will continue to enhance both the convenience and transparency of subsidy project operations in a way that promotes mutual growth with local financial institutions."

This content was produced with the assistance of AI translation services.