Regulatory Alerts2019-03-06 | Direction No. 1 of 2019Microfinance Act Directions No. 1 of 2019 on Deposits
The Central Bank of Sri Lanka issued Microfinance Act Directions No. 1 of 2019 to regulate deposit-taking activities by Licensed Microfinance Companies. The directive prohibits accepting deposits from minors and restricts acceptance solely to collateral deposits linked to lending facilities. Additionally, it mandates that total deposits must not exceed 60% of performing loans and bans incentive schemes for soliciting deposits.
Share