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* Axis Bank of India exits Sri Lanka
Fri, Oct 30, 2020, 07:24 pm SL Time, ColomboPage News Desk, Sri Lanka.

Oct 30, Colombo: India’s Axis Bank has also decided and exit Sri Lanka and has received the approval of Sri Lanka’s Central Bank to cease its operations with effect from today.

The Axis Bank, which entered Sri Lanka in 2011, has made the request to exit following a policy decision taken last year on its global operations, the Central Bank said.

“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 license issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions,” the Central Bank said in a statement Friday.

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

 

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