Sri Lanka

New banking act permits regulator to impose fines

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Sri Lanka banking sector should start preparing for the anticipated transformation of the current banking industry landscape as the new Banking Act is set to come into effect with the regulator gaining power to impose fines on errant banks.

&We are in the process of reviewing the current banking act and there are number of amendments that will be introduced to strengthen the banking act and one of those amendments is to empower the statutory authority who is the director of bank supervision to impose fines,& Central Bank Governor Dr.

Indrajit Coomaraswamy told reporters on Friday (11 October).




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Category: Srilanka


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