AMCON seeks a revisit of the Failed Bank Act

AMCON Managing Director/CEO, Ahmed Kuru has called on the authorities to revisit the Failed Bank Act to ensure that bank officials account for their actions.

He said the reintroduction of the Failed Bank Act into the country’s financial system will not only curtail the current trend of financial rascality on the part of some bankers, but would bring discipline to the banking industry in general.

He urged banks to strengthen their risk management framework to stem the rise in bad loans.

“Given the huge resources that are available to financial institutions and the pivotal role they play to the development of the economy makes it mandatory for financial institutions to take the issues of risk management seriously to prevent what happened during the global financial crisis.

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“In line with the fight against corruption is need to fight against impaired and arranged credits so that operators are held responsible for booking credits contrary to their credit policy, that go bad under their supervision”, he stated..

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