Regulatory Alerts2015-07-02 | Circular No. RTGS/03/2015Request for Extensions of the LankaSettle System after Business Hours
The Central Bank of Sri Lanka issued Circular No. RTGS/03/2015 to address the inappropriate frequency of requests by participants to extend the LankaSettle System's operating hours beyond the scheduled 4:30 p.m. deadline. The regulator mandates that such extensions be granted only in cases of unforeseen contingencies to prevent operational inconvenience to the bank and other participants. Participants must now submit written justification from senior management to the Director of the Payments and Settlements Department by 4:00 p.m. on the respective business day to request any extension.
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