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Banking laws to be reviewed, Duale says

10 April 2016, 09:51 Joseph Njung'eh

Nairobi - National Assembly majority leader, Aden Duale has said that the country's banking laws will have to be reviewed to shield depositors from losing their cash in case of collapse.

He said that changes will be focused on ensuring that depositors have been given security enough to secure their savings when banks collapse.

The majority leader said that it is unfortunate that Kenyans are faced with a high risk of losing their savings when bank close doors.

He said that the rate at which banks are closing doors is worrying, citing the case of Dubai, Imperial and recently Chase Bank.

Duale also said that National Treasury Cabinet Secretary, Henry Rotich and Central Bank Governor, Patrick Njuguna should work on a modality to ensure that Chase Bank depositors receive back their funds within the next three weeks.

Duale, who was speaking in Mukurwe-ini, however blamed former Central bank Governor Njuguna Ndung’u saying that it was during his tenure that banks became prone to collapse.

His sentiments were echoed by the area MP Kabando Kabando, Alice Nganga (Thika Town) and Racheal Shebesh (Nairobi) who were also present in the function.

Kabando said that CBK should work on a strategy to ensure that depositors are alerted when a bank is nearing collapse to withdraw their money.

He also said that they will be pushing for a law that prohibits investors of a collapsed bank from fleeing from the country.

Ng’ang’a said people must be protected from such occurrences that are leaving many people suffering due to lack of funds.

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