The latest UAE Central Bank circular revising the general terms and conditions governing personal banking practices virtually reads like an overzealous charter of demands on behalf of the banks. The provisions are heavily skewed in favour of the banks.
The circular itself acknowledges the fact that the text of the entire content has been drafted and approved by the Emirates Banks Association, giving the impression that it may have been meant to serve as a discussion paper. But the notice addressed to the chief executive officers, general managers and managing directors of banks, and signed by the Central Bank Governor, asks the banks to comply with the new regulations.
This raises a very valid question about the relationship between the Central Bank and the Emirates Banks Association. The association itself describes it as a society of banks for public interest, established under registration by the Ministry of Welfare and Social Affairs. And its stated objectives include protection of the interests of the member banks and defence of their rights. There is not a word about customers in the charter, but no one can blame the banks for that.
No comments:
Post a Comment