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    Emil Lazarian
  • 2 years ago
    • Categories: 2022

Three Armenian banks join government-designed cashback for senior citizens scheme

June 2 2022
Three Armenian banks join government-designed cashback for senior citizens scheme
02.06.2022 16:15

YEREVAN, June 2. /ARKA/. Three Armenia-based commercial banks – Armbusinessbank, Ardshinbank and VTB Bank (Armenia) - have joined the government-designed scheme that will allow senior citizens to earn a certain amount of cashback if they use their credit or debit cards to pay for purchases.

The decision comes into force on July 1, 2022. According to the decision, pensioners who hold cards of the banks which are government’s partners will be refunded 10% of the total amount spent on payments and purchases in the previous month.

However, the total amount of cashback may not exceed 5000 drams a month (a little more than $10). These amendments will also apply to payment of utility bills through ATMs of partner banks.

"Out of 560 thousand pensioners in Armenia some 390 thousand use bank cards. Only 1,000 out of 80,000 socially disadvantaged pensioners use bank cards," Labor and Social Affairs Minister Narek Mkrtchyan said today.

According to him after July 1, when the decision comes into force, the number of bank card holders is expected to rise. There are currently 17 commercial banks in Armenia. -0-

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS