NSB Act to be amended to facilitate bank’s growth

A proposal presented by President Ranil Wickremesinghe, who also serves as the Minister of Finance, Economic Stabilisation, and National Policies, to amend certain sections of the National Savings Bank Act No.30 of 1971 has been approved by the Cabinet of Ministers this week.
It has been recognised that the National Savings Bank (NSB) is facing challenges in keeping up with the competitive and rapidly evolving financial market, primarily due to the limitations outlined in the National Savings Bank Act.

According to the Department of Government Information, the objective of amending the Act is to enhance NSB’s monitoring activities, identify new business opportunities, and establish a new enterprise structure.
Accordingly the Cabinet of Ministers instructed the Legal Draftsman to prepare an amended draft bill to address these necessary changes.