February, 18 (LBO) – Sri Lankan borrowers would be allowed to ask for their own credit reports and request changes if they are not correct, from the country’s central credit information centre, an official said. Before the changes even loans that are repaid in full, were a permanently of a borrwer’s credit report.
Sri Lanka Credit Information Bureau (CRIB) originally, an agency sponsored by the Central Bank of Sri Lanka will also have its governing law changed to allow the monetary authority to sell down its stake, Information Minister Anura Yapa said.
The central bank now held 49.2 percent from an earlier 51 percent stake. The rest is held by licensed banks and finance companies that are its members.
Now CRIB had 82 shareholders made up banks, leasing companies and finance companies.
The changes to the law approved by the cabinet ministers at the last meeting would allow the central bank to reduce its stake to 15 percent and give shares to new financial institutions.
The existing law sets a floor for the Central Bank holding at 31 percent.
Yapa said associate membership of the CRIB would be given to insurance firms as well as government departments like the Employees Provident Fu