Regulatory Alerts2023-12-29
Banking (Significant Interest Fees) Regulations 2023
Issued by the Minister under the Banking Act, these regulations require any person acquiring a significant interest in a financial institution to pay a prescribed fee to the central bank. The central bank will not process the acquisition proposal until the applicable fee is paid, with amounts specified in a tiered schedule ranging from Rs 100,000 for money-changers to Rs 1,000,000 for banks. This framework standardizes cost requirements across all regulated financial entities, including foreign exchange dealers and non-bank deposit-taking institutions.
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