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* Central Bank of Sri Lanka initiates action on consolidation of the financial sector
Mon, Jan 13, 2014, 11:52 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 13, Colombo: Sri Lanka's Central Bank has initiated action on consolidating in the financial sector as proposed in the 2014 budget by the President and presented in the Bank's Road Map for 2014.

Accordingly, a Master Plan on the Consolidation of the Financial Sector to create a stable financial sector with strong and dynamic financial institutions to steer the country towards the economic goals set for 2016 and beyond has been prepared by the Central Bank.

The Governor of the Central Bank Ajith Nivard Cabraal will explain the Master Plan on the Consolidation of the Financial Sector to the relevant stakeholders on Friday 17 January at the Central Bank.

Following the initiative, the Central Bank will hold one-to-one discussions with all banks and non-bank financial institutions to guide them in accordance with the newly announced Plan.

The Central Bank said it will also closely monitor and support the consolidation process in order to ensure that it will be smooth and constructive.

The Bank however, requests all institutions involved to ensure that there will not be any cutback of staff in banks and non-bank financial institutions as a result of the consolidation process.

Meanwhile, those financial institutions are urged to align their immediate future business plans, recruitment and capital expenditure, to be in line with the new developments that are to take place over the next few months.

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