Sri Lanka to amend Banking Act to regulate licensed banks

Apr 08, Colombo: The Sri Lankan government has decided to amend the Banking Act, No 30 of 1988 for regulation and supervision of licensed commercial banks and specialized banks in the country.

Under the changes proposed by the President as Minister of Finance and Planning and approved by the Cabinet the exemption granted for the subsidiaries of licensed banks to use the word “bank” as part of its name will be removed.

The provision pertaining to numbered accounts will also be repealed, the government announced.

The proposed amendments will streamline and strengthen the regulatory and supervisory framework for licensed banks to be in line with the best global standards and practices, the government says.

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