This Bill will amend the Banking Act [Chapter 24:20] to enable it to deal more effectively with developments in the financial sector and in particular, to achieve the following objectives:
- to improve the corporate governance of banking institutions.
- to make banking institutions more responsive to their customers needs and to encourage the resolution of disputes between banks and their customers.
- to introduce greater transparency, in the shareholding and operations of banking institutions.
- to allow banking regulators to monitor and regulate bank holding companies.
- to increase co-operation between the different financial regulatory authorities.
The Bill will also amend the Reserve Bank of Zimbabwe Act [Chapter 22:51] and the Deposit Protection Corporation Act [Chapter 24:29], and will repeal the Troubled Financial Institutions (Resolution) Act [Chapter 24:28].