Press briefing of Cabinet Decision taken on 2011-04-06

Proposed Amendments to the Banking Act, No. 30 of 1988

- several developments have taken place in the domestic banking sector and in banking practices throughout the world, which has necessitated to consider further amendments to the Banking Act which was last amended in 2006. The proposed amendments will streamline and strengthen the regulatory and supervisory framework for licensed Banks to be in line with the best global standards and practices. The proposal made by H.E. the President to instruct the Legal Draftsman to prepare amending legislation for the purpose was approved by the Cabinet.