Banking law needs revision: BI

The central bank said the banking law should be revised due to the fast development of the banking system in recent years, which caused the global financial crisis that nearly froze the world economy.

"The banking law needs to be revised. There are many loopholes. The activities of banks [stated there] are irrelevant compared with those developing abroad and in our society," Bank Indonesia deputy governor Muliaman D. Hadad said in a seminar Monday.

He did not elaborate, merely saying the draft was being prepared.

Lawmaker Andi Rahmat said the current banking law created many black holes, which caused violations like in the Bank Century case.

"The keyword is to make our banking law more complete," he said.