Regulatory Alerts2016-10-27 | Rule No. 1 of 2016Central Bank of Sri Lanka Microfinance Act Licensing Criteria
The Central Bank of Sri Lanka issued licensing criteria under the Microfinance Act to regulate the establishment of microfinance companies. Applicants must be specific types of registered companies possessing a minimum core capital of Rs. 100 million and a board composition that ensures independent oversight. The rules mandate a non-refundable evaluation fee and require the submission of extensive financial, operational, and personal documentation to demonstrate eligibility.
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