Govt. focuses on developing credible system to regulate Samurdhi banking system

State Minister of Finance Shehan Semasinghe and State Minister of Social Empowerment Anupa Pasquale this week chaired a discussion with Central Bank Governor Dr. Nandalal Weerasinghe on regulating the Samurdhi banking system. 

The discussion focused on developing a credible system to regulate the Samurdhi banking system.

During the meeting, State Minister of Finance Shehan Semasinghe pointed-out that social empowerment is the primary objective and responsibility of the Samurdhi Development Department and the requirement of a transparent regulatory mechanism and digitalisation of Samurdhi Banking system. 

He pointed out how various problems had arisen due to the lack of proper regulation regarding the Samurdhi banking system.

The state minister emphasised that that the government on the instructions of the President, has set the necessary background to achieve the objective of empowering the community and that the Samurdhi banking system should be properly regulated to give the benefits to the beneficiaries. 

In doing so, he assured that there will be no threat to job security of the employees of the Samurdhi Department nor the banks.

Central Bank Governor Dr. Nandalal Weerasinghe pointed out the steps to be taken to regulate the Samurdhi banking system and further stated that the Central Bank of Sri Lanka will provide the necessary support for that.
Accordingly, a joint committee of the Ministry of Finance, the Central Bank of Sri Lanka and the Ministry of Social Empowerment was appointed to study about the regulatory system required.