The origins of banking supervision date back to the nineteenth century, when it was noted that the way the financial institutions do has a major impact on the economy and politics of the country.
A separate law regulating the operation rules of the banks was created and it was the state governments that were responsible for its compliance. By-and-by the supervision of the activities of financial institutions were taken over by the central banks.
In 2004 BSB Company developed and implemented a system for banking supervision functioning currently under the Office of Financial Supervision Authority.
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