The Central Bank of Kenya (CBK) increased penalties imposed on non-compliant banks from Ksh2 million to Ksh20 million.
Speaking during the first Monetary Policy Committee (MPC) meeting of the year on Thursday afternoon, Thugge revealed that Central Bank officials had been dispatched to inspect banks that did not comply with the regulations.
In particular, Thugge warned about commercial banks that imposed high interest rates on loans despite the Central Bank's recent successive rate cuts.
According to Thugge, the team from the Central Bank had already inspected five banks countrywide, with the inspection set to end in the next two weeks.
