Business News Sri Lanka: In order to improve the national economy, the Cabinet of Ministers has given approval to create a committee to table recommendations to formalize and achieve productivity within the state banking system.
Prime Minister Mahinda Rajapaksa had tabled the proposal in this regard.
The committee that will be headed by former High Court Judge Sisira Ratnayake will also include finance industry experts.
Speaking during today’s weekly Cabinet media briefing, Co-Cabinet spokesman Minister Bandula Gunawardana said complaints were lodged about state banks and affiliated organizations having diverted from the fundamental goals formulated at the initiation of state banks and violating the provisions and procedures.
The committee is tasked with determining the legal and institutional steps to be taken to prevent similar events until found in the future.