Press briefing of Cabinet Decision taken on 2024-01-29 (Subject to Confirmation at the next Meeting)

Amendment to the Banking Act, No.30 of 1988

- Approval of the Cabinet has been granted at the Meeting held on 2023‑06-26 to prepare a Bill to amend the Banking Act, No.30 of 1988 by incorporating provisions enabling to strengthen existing regulatory standards in areas including bank licensing, bank ownership, consolidated supervision, capital and liquidity framework, large exposures and related party transactions, governance requirements, regulation and supervision of State owned banks. Clearance of the Attorney General has been received for the Bill prepared by the Legal Draftsman accordingly. As such, the proposal made by the the Hon. President, in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish the said Bill in the Government Gazette and thereafter, to present the same in Parliament for approval, was approved by the Cabinet.