Friday, 19 January 2024 08:39

Government to enact Banking Amendment Bill in early 2024 Featured

As part of a slew of policy reforms that are in the pipeline to improve both the resilience and corporate governance of the banks in the near and medium term, the existing Banking Act, which is currently being amended, could see its passage through Parliament in the early part of 2024.

Sri Lanka’s licensed banks currently function based on the provisions in Banking Act No. 30 of 1988.

The Central Bank last week said it is already working on the act to further strengthen the sector’s legal and regulatory framework via the proposed amendments.

The amendments will cover a whole gamut of areas, including the strengthening of minimum licensing requirements, corporate governance, shareholder suitability, subsidiarisation of foreign banks as deemed necessary and bank ownership

 

 

World News

Latest World News

There are 35832 listings and 1274 categories in our website