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.
11 September2024 CENTRAL BANK OF SRI LAIYKA BAIIKING ACT DETERMINATION No.03 of 2024 MINIMUM NUMBER OF MT'IMBERS OF BOARDS OF DIRECTORS OF SELECTED LICENSED BAI\KS In the exercise of the powers conferred by Sections a2Q3) and76Tof the_Banking Act, No. 30 of 1988, as amended, the Central Bank of Sri Lanka hereby determines the minimum number of members of the Board of Directors of Bank of Ceylon, People's Bank, National Savings Bank and Pradeshiya Sanwardhana Bank, with a view to facilitating the effective functioning of the Board and Board Sub Committees with sufficient number of directors of aforementioned licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks).
- Empowerment 1.1 In terms of Sections 42(13) and 76H of the Banking Act, No. 30 of 1988, as amended, notwithstanding anything to the contrary in any other written law, the Central Bank shall, from time to time, determine the number of mernbers of the Board of Directors of a licensed bank which number shall not be less than seven (7) in any case. 2.1 The Board of Directors of the following licensed banks shall be constituted with the minimum number of members as given in Table I below, subject to a maximum number of thirteen (13). Table 1: Minimum Number of Members of the Board of Directors Licensed Bank Minimum Number of Directors Bank of Ceylon 10 People's Bank l0 National Savings Bank 9 Pradeshiya Sanwardhana Bank 9
- Minimum Number of Directors
- Effective Date of Compliance 3.1 The above licensed banks are required to comply with the requirement stipulated in Determination2.l by 01 Jme2025. / hto-*a-----s-4 trr.pffi" Chairman of the Governing Board and Governor of the Central Bank of Sri Lanka