Economy, Business And Markets

Banking Activities Need Effective Supervision

Banking Activities Need Effective SupervisionBanking Activities Need Effective Supervision

A parliamentarian has criticized the Central Bank of Iran for having failed to restrain illegal banking activities in the past years.

According to Mohammad Reza Pour-Ebrahimi Davarani, the Banking Disciplinary Board has started a probe into several banking and credit institutions violating banking regulations set by the regulator. “The move will bring about productive results,” he said.

The affairs of commercial lenders and credit institutions is one of the most pressing of the current issues in the domestic economy, ICANA quoted the lawmaker as saying.

The Monetary and Credit Council, he said, has recently decided to closely pursue the violation cases.

The MP affirmed that the CBI’s Banking Disciplinary Board now operates more effectively compared to the past.

He added that the parliament also supports the move and will revise the related laws if necessary.

In October, the CBI released a list of officially authorized banks and credit institutions.  In addition to the nine financial institutions excluded from the list the only commercial bank which did not appear on the list was Ayandeh Bank, which was surprisingly praised on Saturday during a ceremony attended by top monetary officials.

Of the several state-owned and private candidates, Ayandeh Bank was awarded with the national prize for financial management, Banker reported.