BOU dismisses Bank of India take over reports

By Ritah Kemigisa

Bank of Uganda has refuted as “false”, reports that it has taken over the management of Bank Of India.

Social media reports had indicated that the Bank’s top management met with officials from the Central Bank led by the deputy Governor Louis Kasekende and reportedly requested for its closure on 31st March.

However in a press statement the central bank governor Tumusiime Mutebile says there was no such meeting.

Mutebile says the Bank of India Uganda is operating normally, is profitable and fulfilling all regulatory requirements as set out in the Financial Institutions Act of 2014.

He has meanwhile assured Ugandans that their depositors funds are thus not affected and are safe.