Sri Lanka’s Parliamentary Sectoral Oversight Committee on Economic Development and International Relations has called for the speedy implementation of the Microfinance and Credit Regulatory Authority Act to regulate lending institutions and protect borrowers from excessive interest rates.
The committee, chaired by MP Lakmali Hemachandra, discussed the matter during a recent meeting with representatives of the Sri Lanka Microfinance Practitioners’ Association.
According to Parliament, particular attention was given to lending institutions charging excessively high interest rates through informal practices, causing financial hardship to the public.
The committee stressed the importance of establishing a fair regulatory framework while ensuring that properly functioning microfinance institutions can continue their operations.
Discussions also focused on simplifying licensing procedures, allowing regulated microfinance institutions to accept limited public deposits under supervision and providing access to lower-cost funding.
The possibility of securing concessional funding from international institutions, including the Asian Development Bank, to help reduce lending interest rates was also considered.
The committee further examined consumer protection measures, the establishment of the proposed Regulatory Authority and deadlines for institutions to obtain licences.
Meanwhile, the committee discussed a request by state-owned Lanka Mineral Sands Limited (LMSL) seeking exclusive mining rights over 68 grids containing mineral sand deposits along Sri Lanka’s northeastern coastline.
LMSL requested that these deposits not be allocated to private institutions.
The committee also reviewed concerns over previously issued mining licences, including alleged irregularities, and noted that information relating to certain irregularities had been referred to the Criminal Investigation Department (CID).
The committee decided to issue recommendations on mining rights and operational support for LMSL, while also considering measures to strengthen transparency in future mining licence approvals. (Newswire)
The government is taking steps to establish a Vocational Technology University in the North Central Province by repurposing partially completed [...]
Prime Minister and Ministry of Education, Higher Education and Vocational Education Dr. Harini Amarasuriya met with US Ambassador Eric Meyer [...]
Deputy Minister of Education Madhura Senevirathna recently told that the recruitment of 23,000 teachers to fill vacancies in government schools [...]
All schools across the island resumed normal operations today (October 28) following a closure yesterday (October 27) due to inclement [...]
Welcoming the spirit of the festive season, Radisson Blu Resort Galle, Radisson Hotel Kandy, and Radisson Hotel Colombo marked the beginning of their Christmas celebrations with traditional Christmas cake mixing [...]
International circus artistry, Christmas music and festive dining come together for Once Upon a Christmas – The Greatest Xmas Show Christmas in Colombo is about to get a whole lot [...]
City of Dreams Sri Lanka ushers in the festive season with its Christmas cake mixing City of Dreams Sri Lanka marked the start of Once Upon a Christmas, the integrated [...]
© 2026 Wire Digital. All Rights Reserved.
Loading comments…