Capital Boost

Aug 15, 2013 (LBO) – The capital of Sri Lanka’s state-run People’s Bank will be increased to keep pace with higher business volumes information minister Keheliya Rambukwelle said. As a first step the cabinet of ministers had approved changes to its governing law to increase its authorized capital to 50 billion rupees.

A change will also be brought to the governing law for the minister in charge issue the shares by allowing the minister in charge to increase the paid-up capital by gazette notice.

The notice will then be brought to parliament for approval.

The People’s Bank has been operating on regulatory forbearance on capital adequacy.