10 February 2013

Zimbabwe: Amendments to Banking Act Sought

The government is currently working on amendments to the Banking Act to include a clause that would hold accountable executives of failed banks.

The amendments are a result of high bank failures witnessed mainly by indigenously owned banks.

At least 10 institutions over the past few years have either collapsed or were put under curatorship with the same ailments -- concentrated shareholding, weak corporate governance, owner-managed or controlled and insider loans -- which all turned out to be non-performing.

The amendments seek to establish cooperation between different financial regulatory authorities and make banking institutions responsive to their customers' needs and to encourage the resolution of disputes between banks and their clients.

Ads by Google

Copyright © 2013 Zimbabwe Standard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.