Banking Act amendments endorsed: The Deposit Protection Corporation (DPC) has endorsed amendments to the Banking Act aimed at boosting savings in the economy. Concerned with the high bank charges that have discouraged borrowings by industry and commerce, the DPC says changes to the Banking Act will benefit depositors. The corporation’s Chief Executive Officer, Mr John Chikura told ZBC News in Harare that the proposed amendments aimed at compelling banks to pay interest on deposits and set limits on interest rates to be charged on loans are important in protecting depositors. “The amendments are really critical in that they will benefit the depositors,” said Mr Chikura. Depositors have in the past months been complaining about high bank charges that are eroding savings at a time when the economy is experiencing stable conditions. However, in line with the proposed changes to the Banking Act, government has already directed banks to slash charges to tap more than US$3 billion believed to be circulating outside formal banking channels.
Posted on: Wed, 05 Jun 2013 19:24:34 +0000
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