Nairobi, Feb. 21 -- The Central Bank of Kenya (CBK) has set specific fines for lenders and officials breaching rules, a shift from blanket fines for all violations.

The published Draft Banking (Penalties) Regulations 2024 published by the CBK stipulate a maximum fine of Sh20 million for institutions violating rules on minimum capital levels and adequacy ratios, making adequate provisions for loans and write-offs, and corporate governance regulations.

The lenders will also be slapped with a fine of up to Sh20 million for failing to keep proper books or records and failure to comply with CBK requests during an audit inspection.

Other violations carry proposed penalties of between Sh2 million and Sh10 million for institutions. The regulat...