Several amendments have been made to the Banking Act

Several amendments have been made to the Banking Act, as the Government seeks to strengthen the Banking Sector.

The amendments were approved with the passage of the Banking Amendment Bill, which was tabled by Finance Minister Camillo Gonsalves.

Minister Gonsalves says it will soon become necessary for Banks in St. Vincent and the Grenadines to amalgamate, in order to survive these challenging times.

The Bill imposes certain restrictions on activities including the payment of dividend and unsecured loans given to Bank Employees.