Regulatory Alerts2015-04-15 | 02/04/002/0015/002Expanding Access to Banking
The Central Bank of Sri Lanka directs licensed commercial and specialised banks to implement four key measures from the Interim Budget 2015 aimed at expanding financial inclusion. These mandates require institutions to establish branches in remote areas, waive minimum initial deposits for new accounts, register all citizens for direct grant disbursements, and simplify lending regulations by September 2015. Bank executives are instructed to take appropriate operational steps to ensure full compliance with these accessibility and efficiency initiatives.
@ goor @co OcoqO @onjma lo$dur onid CENTRAL BANK OF SR! TANKA Ocoug@lw6oqettsoo@dqo ourridl Gro$unrianorg plomur6eonro BankSupervislon Department Ref: 02 / 04 / 002 I 00 | 5 / 002 \S April20l5 To: The Chief Executive Officers of Licensed Commercial Banks and Licensed Specialised Banks Dear Sir/Madam Expanding Access to Banking We wish to draw your attention to the Interim Budget - 2015 enumerating several measures to enhance access to banking as summarised below: (i) Commercial banks to open their branches in remote areas. (ii) To open accounts to new customers without requiring a minimum initial deposit. (iii) To make all efforts to initiate bank accounts for all citizens and all grants and allowances that may devolve on them to be remitted through the banking system in the near future. (iv) To simplifu rules and regulations, particularly in lending operations, to facilitate borrowers and the new simplified systems to be implemented from September 2015. 2. We request you to take appropriate measures to implement the above. Yours faithfully ffi*JypFernando Director of Bank Supervision 6 Oo Oo@, qeo 80, dooule6 &Oo, qts. ec,.5OO, slotgo Ol, € €p@O 6 qSLb onq, Oa>. 30 s6rn!6lultl urogog Ostr@rbq 1 F. Ou. eo.590, Oenqed'q 01, ea:flioa lrvol 6, ilo.30, ranadhl9itrl illaua$a, Colombo 1 P.0.Botr 590,Colombo 01, Sil tanlo. H safi2471211 www.cbsl.gov,lk