Business And Markets

CBI Again Warns Banks on Rates

The CBI warned that banks found in breach will see their branches shut, codes deactivated and restrictions on their physical expansion, balance sheets and credit plus permission to offer forex services
CBI Again Warns Banks on Rates
CBI Again Warns Banks on Rates

The Central Bank of Iran on Wednesday warned banks and credit institutions to uphold the newly-set interest rates on deposits or face prosecution. 
In a notice seen on the CBI website, the regulator said despite earlier warnings its investigations found that some banks resort to dubious ways to attract big money by offering higher rates on deposits and outdo other lenders. 
Some state-owned lenders are offering higher rates even though the CBI has not publicly approved the increase, media reports said Monday.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment