Central Bank advocates a change in banks' business models

Business

Sri Lanka’s licensed commercial banks have been made aware of challenges in digital era ensuring a stronger and dynamic banking sector.
The Central Bank conducted a technical session recently to enhance the knowledge of bank directors and to further strengthen the interaction with the Boards of Directors and the Key Management Personnel of licensed banks to face those challenges proactively.

Central Bank Governor Dr.Indrajit Coomaraswamy highlighted the measures taken to strengthen the regulatory framework for banks in terms of capital requirements, technology risk management and governance.

He indicated that with the emergence of fintech and advanced technologies like blockchain, the business models of banks may change significantly over time while opening up new business opportunities.

However, adoption of these new technologies need to be encouraged while ensuring the safety and soundness of the banking system, he added.
The Director of Bank Supervision A.A Thassim presented the banking sector performance and the regulatory developments, highlighting the proposed measures to strengthen the enforcement 2 powers, enhanced capital requirements for banks, implementation of the Basel III framework and prudent adoption of SLFRS 9. (Bandula)

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