Cabinet approves amendment of Banking Act

The Cabinet approval was granted on June 26, 2023 to prepare a Bill to amend the Banking Act No. 30 of 1988 including provisions to strengthen the existing regulatory standards in areas including Issuance of bank licenses, bank ownership, joint supervision, capital and liquidity framework, maximum credit facilities available and related party transactions.

The Bill prepared accordingly by the Legal Draftsman has received the clearance of the Attorney General.

Accordingly the Cabinet approved the proposal presented by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish this Bill in the Government Gazette and to submit it to parliament consequently for approval.

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