Legislators join forces in bid to rein in rogue banks

Kiambu Town MP Jude Njomo

Members of Parliament have given banks a jolt after they ganged up to approve long jail terms for chief executives who violate proposed legislation that seeks to cap banks’ interest rate charges.

Under the new changes made to the Banking (Amendment) Bill 2015, chief executive officers of the country’s banks will be imprisoned for terms not less than one year for breach of new regulations contained in the proposed law.