Monday, 09 October 2023 09:02

Central Bank expresses dismay on restructuring state banks Featured

The Central Bank, the sole regulator of banks and financial institutions, is in the dark relating to a decision taken to restructure six state banks as indicated in a list issued by State Owned Enterprise Restructuring Unit (SRU) to the media, Central Bank (CB) Governor Nandalal Weerasighe proclaimed

Answering a question raised by a journalist at the CB monetary policy review media conference on Thursday, he said that state banks function under the purview of the Finance Ministry with the CB as the regulator.

The monetary and fiscal authorities have not been informed about any decision to divest state banks, he said adding that the SRU has not been authorised to restructure financial institutions and therefore it’s involvement in such activities is improbable.

According to proper procedure the Banking Act will have to be amended to introduce reforms in state banking system, he said adding that the CB is totally unaware of such moves.

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