Press briefing of Cabinet Decision taken on 2023-12-18 (Subject to Confirmation at the next Meeting)

Amendments to the National Savings Bank Act, No.30 of 1971

- It has been identified that due to the limitations in the National Savings Bank Act No.30 of 1971, it has become difficult for the National Savings Bank to operate in the competitive and dynamic financial market. Therefore, certain clauses of the National Savings Bank Act should be amended in order to further expand the operations of the Bank through maintaining sustainable growth for the institution, identifying new business opportunities and building a new business model. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Standards to instruct the Legal Draftsman to draft an amending Bill, was approved by the Cabinet.