AG approves Bill for new Banking Act

Wednesday, 31 January 2024 04:03 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved publishing of the amended draft Bill on Banking Act No. 30 of 1988 in the Government gazette and subsequently tabling it in the Parliament for its approval.

The bill, prepared by the Legal Draftsman, has successfully obtained clearance from the Attorney General, marking a significant step toward enhancing the regulatory landscape regulating banking activities in the country.

The decision, granted on 26 June 2023, reflects a comprehensive approach to fortify the existing regulatory standards within the banking sector.

The proposed amendments include critical areas such as the issuance of bank licenses, bank ownership, joint supervision, capital and liquidity framework, maximum credit facilities available, and related party transactions.

Once published, the Bill will undergo Parliamentary scrutiny, seeking approval for the envisioned amendments to the Banking Act.

The proposal to this effect was submitted by the President in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers.