Nairobi, Sept. 23 -- The Central Bank of Kenya (CBK) fined a record 33 commercial banks for defying the regulator's calls to cut their loan rates in line with the reduced benchmark rate, denying borrowers cheaper credit.

The penalties followed on-site inspections of all 38 commercial banks, after which the CBK cracked the whip to force lenders to match their lending rates to the reduced Central Bank Rate (CBR).

Published by HT Digital Content Services with permission from Business Daily....