Press briefing of Cabinet Decision taken on 2019-08-27

Establishment of the 'Credit Regulatory Authority'

- Due to the issues which cropped up while accomplishing the objectives anticipated from the Microfinance Act, No.6 of 2016, the proposal made by the Minister of Finance to repeal the said Microfinance Act and establish the the 'Credit Regulatory Authority' as an independent entity to be administered by the Ministry of Finance, through an Act of Parliament, to introduce regulations, to regulate and supervise, money lending business in Sri Lanka in a customer protection and regulation of market conduct perspective, for all non public deposits taking institutions to be taken under a single regulator, enabling the unification of the comprehensive data and information on the microfinance industry in Sri Lanka, was approved by the Cabinet.