Meet capital requirements by Feb. 2020 or face sanctions – BoG

Lorlornyofm
By Lorlornyofm August 20, 2019 08:15

Meet capital requirements by Feb. 2020 or face sanctions – BoG

The Bank of Ghana (BoG) has given a 28 February 2020 deadline for Rural/Community Banks and Microfinance Institutions to meet their minimum capital requirement of face sanctions.

The Rural/Community Banks have a minimum requirement of GHS1,000,000 while that of the Microfinance Institutions is GHS2,000,000.

The BoG in a statement said pursuant to section 28(1) of the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930) and Section 11 of the Non-Bank Financial Institutions Act, 2008 (Act 774), Rural/Community Banks and Microfinance Institutions which fail to comply with their respective minimum capital by the above date shall be sanctioned.

The Central Bank has, therefore, directed shareholders, directors, operators of Rural/Community Banks and Microfinance Institutions to take note and be guided accordingly.

Source: Ghana/ClassFMonline.com/91.3FM

Lorlornyofm
By Lorlornyofm August 20, 2019 08:15
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