Press briefing of Cabinet Decision taken on 2024-03-11 (Subject to Confirmation at the next Meeting)

The Recovery of Loans by Banks (Special Provisions) No.4 of 1990 (Amendment) Bill

- Approval of the Cabinet has been granted at its meeting held on 2024-02-26 to temporary suspend taking action by the Banks up to 2024.12.15, pertaining to the sale by public auction of any property mortgaged to recover any loans defaulted by the borrowers and amend the Recovery of Loans by Banks (Special Provisions) Act, No.4 of 1990 to provide provisions for that purpose. Accordingly, the clearance of the Attorney General has been received for the Recovery of Loans by Banks (Special Provisions (Amendment) Bill prepared by the Legal Draftsman and the proposal made by 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, present it in Parliament for approval, was approved by the Cabinet.