Press briefing of Cabinet Decision taken on 2019-04-02

Obtaining Approval for the Amendment Bill to increase the authorized share capital of the People's Bank

- Approval of the Cabinet has been granted previously to amend several sections of the People's Bank Act No.29 of 1961 with a view to authorizing the People's Bank to issue debentures to meet its Tier II Regulatory Capital purposes, without the Government guarantee and increasing the share capital of Rs.01 billion which is the current approved share capital of the People's Bank up to Rs.50 billion. The amended bill drafted accordingly, has been published in the Government Gazette and the proposal made by Hon. Mangala Samaraweera, the Minister of Finance, to present the said bill in Parliament for approval, was approved by the Cabinet.