Licensed Finance Companies

As at 24th October 2023

Note 1: Due to inability of the company to comply with regulatory capital requirements and/or  adhere to the Master Plan for Consolidation of NBFIs (Master Plan) following regulatory restrictions have been imposed.

a.) A Lending Cap     
b) A Deposit Cap  
c) Freezed Granting of New Loans      
d) Freezed acceptance of New Deposits   
e) Offering interest rates 100 basis points lower than the maximum interest rates payable on deposits by Licensed Finance Companies.

Note 2: The Monetary Board has decided to cause Director, Supervision of Non-Bank Financial Institutions to make an application to a competent court for the winding up of ETI Finance Limited, in terms of Section 31(5)(b) of the Finance Business Act, No. 42 of 2011

Note 3 a): The Monetary Board has granted approval for the proposed merger between Kanrich Finance Limited and Nation Lanka Finance PLC under the Master Plan  to comply with regulatory capital requirements subject to fulfillment of several conditions.  Further, upon successful completion of the proposed merger Nation Lanka Finance PLC will be the remaining entity.

Note 3 b): As per the Monetary Board direction Kanrich Finance Limited has settled its public liabilities (Deposits and Promissory Notes) within the period from 26.12.2022 to 28.02.2023 except for unclaimed public liabilities.

Note 4: Under the Masterplan being implemented by the Central Bank of Sri Lanka, LOLC Development Finance PLC has been merged with LOLC Finance PLC on 31.01.2023.