Banking Commission to be set up
The government has plans to introduce a Banking Commission parallel to the Monetary Board in a bid to broad-base the regulatory framework of banks in the country, a top official said.
This Commission will regulate the private banks in the country and will protect consumers, ensure the industry remain stable and promote healthy competition between the banks, he said.
“The Banking Commission will ensure there are more checks and balances.”
He added the modalities of this Commission are at a very early stage. Noting that the model is very similar to the British one, he said the Banking Commission will become an independent regulator and will necessarily supersede the Central Bank. “The Central Bank will take care of the macro and the micro issues of the country. The proposed Banking Commission is an authority for the commercial banks and will take care of the commercial bank regulations.” Noting that this Commission will be similar to the Insurance Commission, he said it is responsible for the administration of government financial policies and is usually the final government authority in the banking industry. He added the Commission will be responsible for chartering, licencing, and also regulating banks. “It will enhance the regulatory governance in banks.”
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