‘FNPF is not a bank’

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FNPF chief operating officer Pravinesh Singh during a member forum at Nausori Village recently. Picture: ELIKI NUKUTABU

The Fiji National Provident Fund is not a bank, said the fund’s chief operating officer, Pravinesh Singh said at a consultation in Labasa on Thursday.

He made the comments while responding to a question whether members could apply for loans from the fund.

“Our job is to ensure members have a meaningful income,” he said.

“We are not a bank, they have the function of handing out loans.”

Mr Singh said the fund was the best institution for members to save their money in.

“If we start to give you loans, then it will reduce your balance,” he said.

“Before reforms were undertaken within the organisation, there were a lot of grounds they could withdraw from.

“Then we did a study and we found out members’ funds were depleting, more than the money we were saving.”

Mr Singh said they were not planning to do so too in the near future.

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