Regulatory Alerts2018-11-30 | Banking Act Directions No. 10 of 2018Amendments to Directions on Appointment of Agents of Licensed Banks
The Central Bank of Sri Lanka issued Banking Act Directions No. 10 of 2018 to replace Direction 6 governing licensed bank agents, restricting them to eight specified services including deposits, loan and credit card repayments, utility payments, balance inquiries, internal transfers, and other approved activities. The amendment explicitly classifies third-party cash delivery as an agent activity, mandates comprehensive insurance for the entire collection and storage process, and exempts it from previous restrictions. Additionally, licensed bank agents are now permitted to disburse inward remittances alongside their core banking functions.
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