The current monetary penalty for violation of the banking act or the prudential guidelines is currently capped at five million shillings. During the budget reading on Wednesday CS Henry Rotich said the amount has proved to be too little compared to the seriousness of some of the violations institutions have committed. He proposed to increase the maximum penalty to 20 million shillings and to allow for additional penalties for each day that the violation continues. Banking sector players including family bank CEO David Thuku have reacted to the proposal