Regulatory Alerts2022-03-24 | Circular No. 1 of 2022Guidelines on Establishment of Post COVID-19 Revival Units in Licensed Banks
The Central Bank of Sri Lanka has issued guidelines requiring licensed banks to establish Post COVID-19 Revival Units by 30 April 2022. These units must operate under board-approved policies, be led by senior management, and focus on rehabilitating viable but financially distressed borrowers through tailored rescheduling or restructuring. Licensed banks must additionally apply specific accounting treatments, coordinate with the Credit Information Bureau to safeguard borrower credit scores, and submit quarterly progress reports starting 30 June 2022.
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