Regulatory Alerts2021-05-25 | Circular No. 5 of 2021Concessions for COVID-19 Affected Businesses and Individuals
The Central Bank of Sri Lanka issued Circular No. 05 of 2021 to mandate licensed banks to provide financial relief to borrowers affected by the third wave of COVID-19. The directive requires banks to defer or restructure performing and non-performing credit facilities, waive penal interest, and suspend recovery actions until August 31, 2021. Additionally, the circular prohibits excessive fees, mandates credit reporting adjustments to protect borrower scores, and sets a June 21, 2021 deadline for applications.
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