A bill to regulate non-banking lending institutions is to be introduced, with penalties for non-compliance including fines of up to Rs five million, up to five years’ imprisonment, or both, upon conviction in a magistrate’s court.
The proposed Microfinance and Credit Regulatory Authority Bill was published by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development.
The proposed bill not only aims to protect the customers of the moneylending business and the microfinance business but also seeks to repeal the Microfinance Act, No. 6 of 2016.
Read more in today's Sunday Times edition here
A short while later, the official car of the Commander of the Navy, bearing plate NAHA 5006, departed from Navy House, Longdon Place, Colombo 7.
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