Jan 03, 2018

Non-banking financial institutions to be firmly regulated! Featured

Central Bank governor Dr. Indrajit Coomaraswamy says non-banking financial institutions will begin to be firmly regulated and laws relating to them strictly enforced this year.

The country has around 50 non-banking financial institutions, whose transactions are limited and lacked variety, and attracted deposits by offering a higher interest rate, according to him.

Speaking to the media yesterday (02), he said the new measures would be intended at safeguarding the interests of the depositors, and stressed there would be no interference from the political authority.

Dr. Coomaraswamy also said that these institutions should have a minimum capital investment of Rs. one billion, which should be raised to Rs. 2.5 b by 2020.

He said the CB has established a new department to supervise non-banking financial institutions, which will inform the public about the institutions with a weak administration.