Sri Lanka, Sept. 24 -- The Cabinet has approved a new Microfinance and Credit Regulatory Authority Bill to establish a comprehensive regulatory framework for the microfinance sector.

The proposal was submitted by President Anura Kumara Dissanayake in his capacity as the Minister of Finance, Planning, and Economic Development.

The new bill was drafted after the provisions of the previous 2016 Microfinance Act, No. 6, were deemed insufficient for the current climate.

A previous draft of the bill faced 7 petitions in the Supreme Court, and the new version has been revised to reflect the court's decision and guidance from the Parliamentary Sectoral Oversight Committee.

Published by HT Digital Content Services with permission from Hiru New...