Regulatory Alerts2005-09-28 | Circular No. RTGS/05/2005Imposing Default Charges for Insufficient Funds in RTGS Settlement Accounts
The Central Bank of Sri Lanka amends the LankaSettle System Rules to impose default charges on licensed commercial banks failing to maintain adequate funds in their RTGS Settlement Accounts for settling net clearing obligations. The regulation establishes a tiered penalty structure of Rs. 100,000, Rs. 200,000, and Rs. 500,000 for insufficient funds lasting up to one, two, or more than two hours, respectively, with charges accruing until settlement or fund infusion. Additionally, the Central Bank reserves the right to require minimum balances for repeat offenders and mandates that participants ensure sufficient liquidity to avoid batch suspensions or rejections.
Share