The Monetary Board of the Central Bank has decided to cancel the licence issued to Bimputh Finance PLC  (BFP)under the Finance Business Act to carry on finance business, with effect from September 1, 2023.

Accordingly, BFP is not allowed to engage in finance business with effect from same date.

The Central Bank said BFP “has continuously been violating/contravening provisions of the FBA, several general Directions and Rules that have been issued with the view to achieve the overall objective of financial system stability and also specific directions issued to BFP in order to address the critical financial position of the company,”

As a result, the financial condition of BFP had been deteriorating due to deficient capital level, poor asset quality and continuous losses, the Central Bank said.

Following is the full statement issued by the Central Bank.

https://www.cbsl.gov.lk/en/news/bimputh-finance-plc-cancellation-of-licence