Extended Deadline

ComBank MD S. Renganathan (Centre) introducing the app to CB Governor Indrajit Coomaraswamy in the presence of (from L) ComBank Manager - Card Centre Seevali Wickramasinghe, Head of Card Centre Thusitha Suraweera, Deputy GM – Marketing Hasrath Munasinghe, CB Assistant Governor Ananda Jayalath and CB Director - Payments & Settlements Dharmasri Kumaratunge

Aug 15, 2008 (LBO) – Directors of Sri Lankan banks who reach a term limit of nine years in 2008, would be allowed to be in office for a further three years, the Central Bank which is the financial regulator, said. The direction gives effect to a Supreme Court ruling made in July 2008 against a code of governance issued by the regulator in April.

Bank directors have also been asked not to hold board positions in more than 20 companies.

They have also been given three years from January 01, to meet the requirement.