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SL laws on financial stability will be further strengthened
Sunil C.Perera on 06 January, 2008 06:33:23 | 3640 times read
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Legal framework to ensure financial stability in the country is to be further strengthened. Governor of the Central Bank of Sri Lanka Ajith Nivard Cabral says suitable amendments will be introduced to the existing legislation pertaining to banks soon. New laws will be enacted in certain areas, which are not covered by the existing legislation. Accordingly, a new debt recovery law will be introduced to expedite the recovery process and create a more creditor friendly environment. A new act on Credit Information will also be introduced to widen the scope of the credit information bureau. The governor further says that legislation will be introduced to bring all micro finance institutions under the regulatory framework. The government will also propose new regulations in relation to business recovery. End
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