Regulatory Alerts2025-09-17 | Banking (Special Provisions) Act Direction No. 01 of 2025Recovery Plans for Licensed Banks
The Central Bank of Sri Lanka issues Directions requiring all licensed commercial and specialized banks to prepare, submit, and maintain Recovery Plans under the Banking (Special Provisions) Act. Each plan must reflect the institution's specific risk profile and cover all group entities, with initial 2025 submissions due by January 31, 2026. Banks must provide annual validity certifications, submit updated plans for material changes, and conduct comprehensive triennial reviews approved by their Boards or regional offices.
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