TENSION IN BANKS AS THE BILL CAPPING INTEREST LIKELY TO PASS.

The banking industry is in tension as the bill capping interests is likely to go through. Speaking to smart company a source confirmed that a crisis meeting has been held between bank chiefs and Central Bank Governor Patrick Njoroge where the matter was widely discussed.

Mr. Njoroge asked the bankers to fasten procedures that will enable interest rates drop by at least 3 per cent to avoid clashing with the law.

Five major banks have currently been reported to have engaged in a stress test, an exercise meant to test their capability to survive in case the bill is signed to law.