The High Court has declared the law that capped bank interests at four per cent above the Central Bank rate in 2016 as unconstitutional. This is a victory for the banks which have consistently blamed the law for dwindling returns in the sector and negative spiral effect on the economy. However, the court did not immediately suspend the law but gave a 12-month window period for Parliament to reconsider provisions. 25 of 26, which introduced section 33B into the Banking ActThe court found the provision of Section 33B (1) and (2) of the Banking Act to be vague, imprecise, ambiguous and indefinite. ''The declaration in respect to Section 33B (3) of the Banking Act takes effect forthwith.

Source: The Star March 14, 2019 15:09 UTC