Regulatory Alerts2017-05-30 | Circular No. 1 of 2017Concessions in Respect of Credit Granted to Flood Affected Borrowers
The Central Bank of Sri Lanka directed Licensed Finance Companies and Specialised Leasing Companies to grant specific credit concessions to borrowers affected by recent floods and adverse weather conditions. These measures include a moratorium of up to three months on performing credit facilities and the waiver of penal interest on overdue loans for borrowers rescheduling their debts. Institutions are required to maintain substantiating documentation and report borrower details to the Department of Supervision of Non-Bank Financial Institutions by 30 June 2017.
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