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Sri Lanka to Regulate Micro-Finance Institutions
Source: lankabusinessonline.com
Source Date: Thursday, July 22, 2010
Focus: Internet Governance
Country: Sri Lanka
Created: Jul 25, 2010

(LBO) - Sri Lanka's government is to set up a dedicated authority to regulate micro-finance institutions to make their supervision more effective, a government minister said.

Micro finance has been identified as a vital sector in the economy because of its contribution to the growth of the rural economy and income generation. The Cabinet of ministers has approved plans for a draft the 'Micro Finance Bill' to set up the Microfinance Regulatory and Supervisory Authority, minister Keheliya Rambukwelle said. The proposed authority will license, register, regulate and supervise micro-finance institutions whether they are companies, non-governmental organizations or co-operative societies. A large number of micro-finance institutions operated in the country without any regulatory or supervisory controls. A previous effort to regulate micro-finance institutions in 2006 through the central bank was abandoned because a separate, independent authority was considered more appropriate.
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