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Twenty one commercial banks have so far met the sh5 billion Core capital requirement issued by the Central Bank of Kenya, National Treasury Cabinet Secretary Mr. Henry Rotich has said. Mr. Rotich’s report was presented yesterday to the Senate by Finance Committee Chairman Billow Kerrow. Senators demanded that CBK Governor Dr. Patrick Njoroge appear before them next Thursday to shed light on the reason behind the up scaling of the minimum capital requirement for commercial banks.

Senators want to know why Mr. Rotich increased the share capital to sh5 billion without consultations. According to the Banking Act, all banks were by December 31, 2012 required to raise their minimum core capital to sh1 billion.