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Tokyo (ANTARA News/Asia Pulse) - Japan's financial sector on Tuesday restated its opposition to a government proposal to increase the current 10 million yen (US$111,090) deposit limit on postal savings.

A rise in the cap will definitely result in a shift in savings to Japan Post Bank, the National Association of Shinkin Banks told a government council meeting.

The Japanese Bankers Association said that it would have problems cooperating with the postal bank, and threatened that its members could drop links with Japan Post Bank's ATM network if the government continued its financial backing of the postal group.

Banks agreed to link their ATMs on the premise of the complete privatization of Japan Post Bank.
 
Source:
Business in Asia Today - March.10, 2010
published by Asia Pulse

Editor: Ricka
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