Banking Act amendments to be gazetted

The bill amending the Banking Act will be gazetted soon, the Department of Government Information said.
The Cabinet of Ministers on Monday decided to approve the proposal presented by President Ranil Wickremesinghe, in his capacity as the Finance Minister, to publish the bill in the government gazette and submit it to the parliament for approval.
The bill prepared by the legal draftsman was cleared by the Attorney General.
In June 2023, Cabinet approval was given to prepare a bill to amend the Banking Act No. 30 of 1988 including provisions to strengthen the existing regulatory standards in areas including issuance of bank licenses, bank ownership, joint supervision, capital and liquidity framework, maximum credit facilities available and related party transactions.