Regulatory Alerts2020-12-11 | Payment and Settlement Systems Circular No. 20 of 2020Maximum Limits on Transaction Value and Fees of Common Electronic Fund Transfer Switch
The Central Bank of Sri Lanka issued Circular No. 20 of 2020 to regulate the Common Electronic Fund Transfer Switch (CEFTS) by establishing maximum transaction values and fees for licensed banks and finance companies. The directive caps standard fund transfers at Rs. 5 million per transaction, with specific higher limits for government payments via the LankaPay Online Payment Platform, while restricting transaction fees to Rs. 30 for digital channels and Rs. 100 for over-the-counter services. These regulations replace previous circulars and became effective on January 1, 2021, to promote greater customer participation in electronic fund transfers.
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