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Presenting the budget, the minister proposed a number of measures that include a framework for determining interest rates and bank charges.
He announced that banks would be directed not to levy fees on deposits of less than $800.
Minister Biti also proposed that any bank deposit of at least $1 000 held over 30 days should attract an interest of 4 percent per annum.
He said among other reasons, fiscal authorities were stepping in to regulate the banks due to failure by the institutions to make reforms in terms of corporate governance, low capitalisation levels, high interest rates and bank charges, and low or no interest on savings.
“The large discrepancy between deposits and lending rates, as banks fail to award positive incentives for savings deposits mobilisation while lending at sustainable rates, is a clear demonstration of market failure,” said Minister Biti in his presentation.
Government is expected to come up with a Statutory Instrument (SI) informed by a Memorandum of Understanding between financial institutions and the Reserve Bank.
The SI which is expected to take effect from 1 January would codify the proposed measures on deposit rates.
In an interview, Zibawu general-secretary Mr Peter Mutasa said after the research they would present their findings before January.
“As Zibawu, we are currently researching on the ramifications of the proposals announced by the Minister of Finance in the 2013 national budget. We will weigh the significance of the proposals to the economy and the labour market,” he said.
He said Zibawu was not consulted by Minister Biti before coming up with the proposed measures.
“We know for certain that he also (Biti) did not consult other parties in the labour market including the Zimbabwe Congress of Trade Unions (ZCTU),” he said.
Last month, the Bankers Association of Zimbabwe, a body that represents employers in the banking industry, said it wanted Minister Biti to clarify certain issues before the implementation of the regulations.
Mr Mutasa said their presentation would not in any way completely throw its weight behind BAZ.
“You may find us fighting in the same box with the bankers, but in different corners if the banks’ actions are not moral,” he said.
Online Reporter