Microfinance and Credit Regulatory Authority Bill in House next week

Finance State Minister Shehan Semasinghe yesterday said the new Microfinance and Credit Regulatory Authority Bill will be presented to Parliament next week. He added that this bill will regulate the money lending business and the microfinance business to provide protection for the customers of the money lending business and the microfinance business. “This will further repeal the Microfinance Act No.6 of 2016 to enhance greater protection,” Semasinghe said.

This Authority will coordinate with the Central Bank and the relevant regulatory authorities that regulate and supervise registered co-operative societies, Samurdhi Community Based Banks and Samurdhi Community Based Banking Societies and Farmers’ Organisations and protect the customers of licensed moneylenders and microfinance institutions.

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