Press briefing of Cabinet Decision taken on 2017-02-21

Draft Bill on Credit Information Service Providers

- The quality of the Credit Portfolio could be improved with the ability to take better decisions based on the judgement of the credit profile of the applicants. In the same manner, it could minimize the likelihood of default as well, thereby reducing the cost of credit the benefit of which can be passed on to the prospective borrowers.

Presently, the only authority empowered to access and provide credit information is the Sri Lanka Credit Information Bureau and the Government has identified the positive contribution the Private Credit Information Providers could make to a market economy. Accordingly, the proposal made by Hon. Ravi Karunanayake, the Minister of Finance, to publish the Draft Bill on Credit Information Services which makes provision for the licensing of the Credit Information Service Providers and for regulating and supervising them over collecting and disseminating of the accurate credit information, in the Gazette and submit it to Parliament, subsequently, for approval, was approved by the Cabinet.