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{
    "id": 1104068,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1104068/?format=api",
    "text_counter": 77,
    "type": "speech",
    "speaker_name": "North Imenti, JP",
    "speaker_title": "Hon. Rahim Dawood",
    "speaker": {
        "id": 2572,
        "legal_name": "Abdul Rahim Dawood",
        "slug": "abdul-rahim-dawood"
    },
    "content": " Hon. Deputy Speaker, it was not lost on the Floor of the House. It was lost in the committees because it took more than three years to come to the Floor of the House. My colleague says it was misplaced but in the process, it finally made it here. When the Parliamentary Budget Office came to the Departmental Committee on Finance and National Planning and the Budget and Appropriations Committee, they recommended... With this Bill in place, the saving culture in the country will improve. They even said that the money going to the Exchequer will be more than what they are getting at the moment. When I initially proposed to raise it from Kshs100,000 to Kshs1 million, it was not just out of the blues. When Chase Bank went under, the Governor of the Central Bank of Kenya increased the amount that could be given out to Kshs1 million. That was the basis. This is because Kshs100,000 in 1989 is not the same as Kshs100,000 in 2021. That is why when the Kenya Deposit Insurance Corporation (KDIC) came up with a regulation to raise it to Kshs500,000 in 2020, that did not suffice because a regulation can be withdrawn at any time and that is why I have put it at Kshs1 million. Like I said last time, this is insurance and if we are so sure that KDIC and the Central Bank of Kenya are up to the job, there should be more supervision so banks do not fall. This means they The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}