Parliament is due to pass a new law in February, to round up all financial institutions currently not governed by the Central Bank.
The new system will legalise and supervise all small scale financing activity including lending and taking public deposits.
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rnCentral Bank last year named about 40 firms who were accepting deposits outside its supervision, with the actual number estimated to be around 5,000 to 10,000. rn
rnNon Governmental Organisations (NGO), corporative banks, Samurdhi banks, pawn brokers and individuals involved in small scale financing activities outside Central Bank supervision will be netted into a new regulatory system developed by the Rural Economy Ministry.rn
rnThe new system is a result of a Rs 10 mn Asian Development Bank funded project.rn
rnldblquote The draft Rural Finance Sector Development Bill will apply to all small scale financing organisations and will curb the threat of unauthorised acceptance of public deposits, dblquote said Palitha Ekanayake, Director Gen