Public Accounts Committee

Public Accounts Committee's 3rd meeting for the year 2024

08 May 2024 Number 3

Summary

In today’s meeting, the committee discussed the below mentioned issues received from the public. 1. Letter from Nash’ath Rafeeq claiming that Bank of Maldives not following the rules and regulations laid down by the Maldives Monetary Authority and the Best Practices of the Banking Industry and the Maldives Monetary Authority is not fulfilling its responsibility in such a situation, was discussed. The committee decided to reply to her with the information received from Maldives Monetary Authority regarding the issue. 2. Regarding the letter from Ali Moosa stating that Bank of Maldives has changed his information given to the Bank and transferred money to other accounts, the committee decided to reply to him as well, with the information received from Maldives Monetary Authority regarding the issue. In addition, while a bank's primary responsibility is to protect and maintain customers' money safely, in order to ensure this, the bank should pay financial compensation to the financial losses faced by the customer due to negligence of the bank. In order to ensure that such cases are not repeated, the committee decided to ask the Maldives Monetary Authority (MMA) to do the needful as a central bank to bring necessary amendments to the Maldives Banking Act (24/2010) and other laws related to it. 3. The issue raised by Abdulla Didi (Productive Local Investment) regarding bid submission process of the government institutions was discussed among the members of the committee. 4. The committee discussed an issue from Ismail Habeeb AbdulRaheem regarding those retiring from the member of the Independent Institutions not receiving the retirement pension. The committee decided to inform the government to take action to amend the required regulations to start paying the retirement pension to those retiring members of the Independent Institutions.

Works

10 Dec 2023

Retirement Pension Issue - Ismail Habeeb AbdulRaheem

Completed

14 Mar 2023

Regarding the way government institutions follow the process of scrutinizing work bids (Abdulla Didi / Productive Local Investment)

Completed

24 Nov 2022

Failure to Banking Industry's best practices and MMA's principles by Bank of Maldives (Nash'ath Rafeeq)

Ongoing

24 Feb 2022

Issue submitted by Ali Moosa stating that Bank of Maldives taking part in sharing personal information of the customers

Ongoing

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