Sri Lanka: Banking Act, No. 30 of 1988

This paper describes the amendments made to the Sri Lankan Banking Act. Following are some of the subjects that it discusses:

• The application and issuing of licenses and payment of the licensing fee;
• Limits issued on all licensed commercial banks;
• Consequences of failure to commence business on the issue of a license;
• Circumstances under which commercial banks have to suspend business;
• Mobile banking units;
• Purchase of shares by a licensed commercial bank;
• Capital, reserve fund, liquid assets and payment of dividends;
• Different aspects of off-shore banking;
• Maintenance of books and accounts;
• Consequences of failure to submit audit report;
• Disqualification of the manager, secretary or director of a licensed commercial bank;
• Purchase and acquisition of immovable property;
• Steps to take in case of insolvency;
• Various aspects of liquidation;
• Steps to be taken regarding abandoned property;
• Registration of specialized banks;
• Directions of the Monetary Board.