MIXED REACTIONS AS GOVT TABLES BANKING AMENDMENT BILL

By Meclina Chirwa 

Some opposition Members of Parliament have expressed reservations with the Banking Amendment Bill which Minister of Finance Sosten Gwengwe tabled in Parliament on Monday.

While presenting the Bill, Gwengwe said it will help to solve problems in the banking sector. He said the Bill intends to protect the depositors and address some of the challenges in the banking sector.

However, a representative of the Democratic Progressive Party (DPP) Ralph Jooma said the Bill is failing to balance the need between protecting the property rights of the investor as well as the depositor.

In his remarks, Minister of Finance, Sosten Gwengwe, said there are misunderstandings on the Bill.

Meanwhile, the Bill has been referred to the Budget and Finance Committee of Parliament for further scrutiny.