Banking and Financial Institutions (Development Finance) (Amendment) Regulations 2023

Banking and Financial Institutions (Development Finance) (Amendment) GN NO. 455 (contd.) 1 GOVERNMENT NOTICE NO . 455 published on 14/07/2023 THE BANKING AND FINANCIAL INSTITUTIONS ACT, (CAP. 342) REGULATIONS (Made under section 71) THE BANKING AND FINANCIAL INSTITUTIONS (DEVELOPMENT FINANCE) ( AM E N D M E N T) REGULATIONS, 2023 Citation GN. No.

1. These Regulations may be cited as the Banking and
   Financial Institutions (Development Finance) (Amendment) Regulations, 2023 and shall be read as one with the Banking and Financial Institutions (Development Finance) Regulations, 2021 herein after referred to as the “principal Regulations”. Amendment of regulation 3
2. The principal Regulations are amended in regulation
   3 by adding in their appropriate alphabetical order the following definitions:
   “executive director” means a person who is involved in the day today management of a bank or financial institution and sits on the board of directors; “non-executive director” means a person who does not hold any executive or management position in a bank or financial institution. Amendment of regulation 4
3. The principal Regulations are amended in regulation
   4(3) by deleting paragraph (b) and substituting for it the following:
   “(b) proof of payment of a non-refundable application fee of ten million Tanzanian shillings. ” Deletion of regulation 7
4. The principal Regulations are amended by
   deleting regulation 7.

Banking and Financial Institutions (Development Finance) (Amendment) GN NO. 455 (contd.) 2 Amendment of regulation 49
5. The principal Regulations are amended in regulation
49 by adding immediately after subregulation (3) the following:
“(4) A development financial institution shall, quarterly review, charge off all credit accommodations and other risk assets that have remained in the loss category for four consecutive quarters”. Amendment of regulation 68
6. The principal Regulations are amended in regulation
68, by-
(a) designating the content of that regulation as subregulation (1); and (b) adding immediately after subregulation (1) as designated the following:
“(2) The suspension referred to under subregulation (1) shall continue to be in force until where the development finance institution, director, officer or, as the case may be, employee has rectified the non￾compliance which led to the suspension.” Amendment of First Schedule
7. The principal Regulations are amended in the First
Schedule by deleting the words “Enclosed is a cheque of three
million Tanzanian shillings being payment of our application fee” and substituting for them the words “Enclosed is a copy of proof of payment of Tanzanian shillings ten million being payment for application fee”. Amendment of Fourth Schedule
8. The principal Regulations are amended in the
Fourth Schedule by-
(a) deleting subparagraph (b) of paragraph (1); (b) renaming subparagraph (c) and (d) as subparagraph (b) and (c) respectively; (c) deleting paragraph 3; and (d) renumbering paragraph 4 as paragraph 3. Dar es salaam, EMMANUEL M. TUTUBA 6th July, 2023 Governor

Banking and Financial Institutions (Development Finance) (Amendment) GN NO. 455 (contd.) 3