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Finance

KB Kookmin Bank to cut credit loan limits, tighten household lending management

KB Kookmin Bank will temporarily adjust credit loan limits in response to rising household lending. The bank will lower the caps on general credit loans and overdraft accounts to manage household debt more steadily. The measures take effect on June 16. The maximum limit for general credit loans will be 100 million won, while overdraft account limits will be capped at 50 million won. Some products may follow separate standards.

Finance

Toss Bank says new types of financial scams rise in first half, account for 56 percent of reports

More than half of financial fraud losses reported to Toss Bank in the first half of this year came from new scam tactics, the bank said. A report found new methods accounted for 56 percent of cases, rising from 48 percent in January to 66 percent in March. Review and “like” part-time job scams and fake order scams targeting young people and small business owners spread, with one case involving 142 million won transferred over 12 transactions.

Finance

Shinhan Financial to write off 500 billion won in delinquent debt, expand inclusive finance to 4.5 trillion won

Shinhan Financial Group plans an inclusive finance project worth 5 trillion won, including the write-off of 500 billion won in long-term delinquent debt to support vulnerable borrowers\' recovery. It will also expand inclusive financing for low-income people and small businesses to 4.5 trillion won by bringing forward next year\'s plan. Shinhan will restrict extensions of statutes of limitation on debt and broaden products and credit assessment models to support mid-to-low credit borrowers.