Prime Minister Mahinda Rajapaksa instructed Sri Lanka’s Central Bank to investigate how the surcharge for paying bank loans and vehicle lease installments could be removed prior to due date.
It also suggested the development of a shared policy with a view to the elimination of surcharges by financial institutions.
During the recent progress review meeting held at the Ministry of Finance, the matter was taken up for discussion.
Financial institutions charge a surcharge of 3 percent of the amount the customer has to pay when paying loans and lease instalments before the due date.
Since all financial institutions are under the Central Bank’s oversight, the Prime Minister instructed the officials to examine whether the surcharge could be scrapped.
Ajith Nivard Cabraal, Minister of Money & Capital Market and State Enterprise Reforms, stressed that levying such surcharges is unfair and should cease.
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