The Parliament discussed with the second reading the Draft Law on Activity of Micro Banks and the accompanying Bills, regulating the issues related to the licensing of micro banks, acquisition of the significant share of the bank, property right and management, transactional requirements, oversight by the National Bank and the sanctions.
As the Deputy Finance Minister, Giorgi Kakauridze elucidated, the package implies the formation of a new financial institution to operate between the bank and micro financial organization. The package includes over 20 Bills.
The Draft is authored by the Finance Ministry and the National Bank and initiated by the Government.
