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)
A Thai woman walking topless in Arugam Bay town has been arrested by the Police.
The Cabinet has approved a proposal for Sri Lankans overseas to apply for their passports through an online system via the Lankan diplomatic missions.
Ajith Gallage, the owner of a Bird Park in Nagarawawa, Hambantota, has been remanded over allegations of concealing illegally imported motorcycles, in a warehouse owned by him.
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