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| Tuesday, 19 August 2003 |
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CAA to probe complaints on bank interest rates Following complaints received by the Ministry of Commerce and Consumer Affairs by commercial borrowers from Banks and other financial institutions, Minister Ravi Karunanayake has alerted the Consumer Affairs Authority (CAA) to draw up a mechanism to monitor these complaints. Several small and medium-scale investors who are encouraged by the improvement in the economy are looking for business opportunities which will have a positive effect on business growth in the country and attempts to dampen it by any institution or a party should be considered a national crime, the Minister said. According to a Ministry press release the CAA will investigate the rates charged by commercial banks on overdrafts after complaints received on irregularities of interest rates charged by different banks following the Central Bank recently reducing bank interest rates. The CAA said according to the complaints it has been receiving, the interest rates charged by some banks on ODs are as high as 22% which is more than twice the rate they paid to their depositors. |
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