Regulatory Alerts2024-09-11 | Banking Act Determination No. 03 of 2024Minimum Number of Board Members of Selected Licensed Banks
The Central Bank of Sri Lanka has mandated specific minimum board sizes for four selected licensed banks under the Banking Act. Bank of Ceylon and People’s Bank must maintain at least ten directors, while National Savings Bank and Pradeshiya Sanwardhana Bank require a minimum of nine. All designated institutions must achieve full compliance by 1 June 2025 within a statutory board range of seven to thirteen members.
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