The Reserve Bank also advised banks to constitute an adhoc committee in each of them to review the procedure followed by them and to ensure that the instructions issued by the Reserve Bank are properly implemented.
The East African Central Banks are this week meeting here in Nairobi under the auspices of the EAC Monetary Affairs Committee to discuss some of the key building blocks essential for integrated banking, payments and financial market systems. The Central Banks will later this week launch the East African Payments Systems (EAPS).