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Micro Oversight

July 18, 2013 (LBO) - Sri Lanka will begin regulating micro financing institutions with large entities coming directly under the central bank information minister Keheliya Rambukwelle said.
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A third category coming under the Commissioner of Co-operative Development and Registrar of Co-operative Societies, Divineguma Department will be exempted from Central Bank regulations.
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They will come under existing statutes.

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The cabinet of ministers had approved the regulatory and supervisory framework which accepts deposits from the public.

While larger or Tier I micro financiers will be directly regulated by the Central Bank, second tier ones will be monitored by audit firms approved by the Central Bank.

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