India’s Axis Bank to close Sri Lanka operations

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India’s Axis Bank is closing its Sri Lanka operations, the Central Bank said on Friday.
It said the Monetary Board of the Central Bank, having considered the request made by the Axis Bank Ltd, India consequent to a policy decision taken in 2019 on its global operations, has granted approval to close down business operations of Axis Bank Ltd in Sri Lanka and cancel the licence issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions.
“Upon the Director of Bank Supervision being satisfied with Axis Bank Ltd complying with the terms and conditions imposed by the Monetary Board, the licence issued to Axis Bank Ltd to carry on banking business, will be cancelled with effect from 30 October 2020,” the statement said.

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