18.4 mln credit/debit cards in use
View(s):Over 80 per cent of Sri Lanka’s 21 million people use either a debit card or a credit card for their financial transactions, according to Central Bank (CB) data.
Responding to a RTI request from the Business Times on data on credit and debit cards and the exposure, the CB said there was a total of 17,093,239 debit cards and 1,355,704 credit cards in use, making it a sum total of 18.4 million cards. While credit cards permit the cardholder to buy goods on credit, the debit card confines purchases based on one’s bank balance.
The total amount owed to banks as at March 31, 2017 was Rs. 77.7 billion from both categories of cards, the banking regulator said adding that the CB has not placed a cap or limit on the total exposure of banks to these cards.
The CB said customers can demand information on interest rates charged on card balances. If a bank refuses to accede to such requests, the issues can be referred to the Bank Supervision Department of the CB and the Financial Ombudsman of Sri Lanka. In terms of provisions of the Banking Act, the CB has the authority to sue non-compliant banks. However, prior to initiating litigation the CB ensures that all other corrective measures have been taken to ensure compliance with the regulatory requirements.