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| Sunday, 27 July 2003 |
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Govt. to bring in new Banking Act Finance Minister K. N. Choksy will present the amendments to the Banking Act in Parliament next month while the major issues will be incorporated into a new banking law later this year. The amendments will strengthen the supervision and control over specialised banks, increase the role of the department of bank supervision, help enforce of legitimate directions given to banks and introduce criteria governing eligibility for appointment to the board of directors of commercial and specialised banks. A fit and proper test too will be introduced for the first time in the country, said the minister making the inaugural address at the 15th anniversary convention of the Association of Professional Bankers Sri Lanka yesterday. The Minister said the government was looking at the possibility of introducing a new Asset Management Law to repose a special duty on bank directors and managers to ensure prudent business practices to avoid the hardships which fall on depositors who have placed confidence in them. |
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