COLOMBO : Department of Supervision of Non-Bank Financial Institutions of The Central Bank of Sri Lanka stated in a press release that “The Monetary Board of the Central Bank of Sri Lanka (Monetary Board) has made an order permitting Swarnamahal Financial Services PLC (SFSP) to resume business for a limited period of six (06) months with effect from 13.10.2021, in terms of Section 31(5)(a) of the Finance Business Act, No. 42 of 2011 (FBA), for the purpose of exploring the possibility of absorbing the Company to the “Master Plan for Consolidation of Non-Bank Financial Institutions Sector”.
It is further stated “The Central Bank of Sri Lanka wishes to inform the public that SFSP has not been permitted to carry on any finance business or other business whatsoever, except executing the aforementioned process. Therefore, the public is kindly requested to refrain from placing deposits or engaging in any other business with SFSP in any manner, other than settlement of contractual obligations to SFSP”.
Earlier, in April 2021 the Monetary Board of the Central Bank of Sri Lanka (Monetary Board) decided to suspend business of Swarnamahal Financial Services PLC (SFSP), in terms of Section 31(1) of the Finance Business Act, No. 42 of 2011 (FBA) with effect from 12th April 2021.
