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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka to regulate micro financiers

Sri Lanka to regulate micro financiers

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1Sri Lanka to regulate micro financiers Empty Sri Lanka to regulate micro financiers Thu Jul 18, 2013 5:21 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 18, 2013 (LBO) - Sri Lanka will begin regulating micro financing institutions with large entities coming directly under the central bank information minister Keheliya Rambukwelle said.

The cabinet of ministers had approved the regulatory and supervisory framework which accepts deposits from the public.

While larger or Tier I micro financiers will be directly regulated by the Central Bank, second tier ones will be monitored by audit firms approved by the Central Bank.

A third category coming under the Commissioner of Co-operative Development and Registrar of Co-operative Societies, Divineguma Department will be exempted from Central Bank regulations.

They will come under existing statutes.
http://www.lankabusinessonline.com/news/sri-lanka-to-regulate-micro-financiers/1675141520

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