Dubai: The Central Bank of the UAE (CBUAE) imposed administrative sanctions on 8 banks operating in the UAE. The CBUAE did not revealed the names of the 8 banks.
‘The administrative sanctions take into account the banks’ failures to comply with the CBUAE’s instructions not to grant any loans or credit facilities to the beneficiaries of loans granted by the Nationals Defaulted Debts Settlement Fund (NDDSF), including credit cards,’ CBUAE said in a statement.
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It said the decision has been taken pursuant to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organisation of Financial Institutions and Activities, and the Central Bank notices regarding the beneficiaries of the Nationals Defaulted Debts Settlement Fund facilities.
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