The FSC and the FSS held the 5th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on April 12, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to promote banks' corporate social responsibility and the measures to improve the process regarding banks' branch closures. At the meeting, Vice Chairman Kim said that promoting banks' corporate social responsibility is important to foster a virtuous cycle of win-win relationship between banks and their consumers and also necessary to create a condition where the economy can grow on a sustainable basis. Regarding banks' branch closures, Vice Chairman Kim said that despite an accelerated pace of digital transformation, it is important for banks to prioritize the value of trust from the perspective of consumers, especially for the elderly, who may face difficulties in accessing financial services if their local bank branches close down. As such, Vice Chairman Kim urged the banking sector to actively cooperate in implementing the measures to improve the process of banks' branch closures announced at the meeting.