By virtue of Financial Services Authority’s (OJK) Board of Commissioners Decree No. KEP-23/PB.01/2017 dated December 21, 2017, OJK’s Board of Commissioners has revoked business licenses of Village Banks in the Batang Regency that were Granted Status as Rural Banks before.

By virtue of Financial Services Authority’s (OJK) Board of Commissioners Decree No. KEP-30/KO.0303/2017 dated December 21, 2017, OJK’s Board of Commissioners has granted a business license to PT Lembaga Keuangan Mikro Badan Kredit Desa Batang (a Microfinance Institution of Village Credit Agencies of Batang).

This was the first successful transformation process since OJK Regulation No.10/POJK.03/2016 dated January 27, 2016―concerning Compliance with Rural Banks Criteria and Transformation of Village Credit Agencies that are Granted Status as Rural Banks―has taken effect.