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Cancellation of the Licence issued to Axis Bank Limited (Axis Colombo Branch) based on the request made by the Axis Bank Limited, India

The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by the Axis Bank Limited, India consequent to a policy decision taken in 2019 on its global operations, has granted approval to close down business operations of Axis Bank Limited in Sri Lanka and cancel the licence issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions.

Upon the Director of Bank Supervision being satisfied with Axis Bank Limited complying with the terms and conditions imposed by the Monetary Board, the licence issued to Axis Bank Limited to carry on banking business, will be cancelled with effect from 30 October 2020.

CCPI based Inflation remained unchanged at 4 per cent in October 2020

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100), remained unchanged at 4.0 per cent in October 2020 due to the statistical effect of the high base prevailed in October 2019. Meanwhile, Food inflation (Y-o-Y) decreased to 10.0 per cent in October 2020 from 11.5 per cent in September 2020, whereas Non-food inflation (Y-o-Y) increased to 1.3 per cent in October 2020 from 0.9 per cent in September 2020.

Special Arrangements made by Employees’ Provident Fund Department of the Central Bank of Sri Lanka to Provide Uninterrupted EPF Related Services to its Stakeholders

EPF Department of the Central Bank of Sri Lanka wishes to inform all its stakeholders on the arrangements that have been made to provide its services uninterruptedly amidst the difficult situation prevailing in the country due to Covid-19 pandemic. Services of settling refunds, collection of contributions, issuing of balance confirmations and contribution history reports and name and account amendments will be provided as follows.

Cancellation of the Licence issued to ICICI Bank Limited (ICICI Colombo Branch)

The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by the ICICI Bank Limited, India, has granted approval to close down business operations of ICICI Bank Limited in Sri Lanka and cancel the licence issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions.

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