The Central Bank of Sri Lanka (CBSL) has directed licensed commercial banks and licensed specialized banks (hereinafter referred to as licensed banks) to extend the debt moratorium to COVID-19 affected businesses and individuals (hereinafter referred to as the Scheme) for a period of six months in order to meet the challenges faced by businesses and individuals as a result of the new surge in COVID-19 outbreak in Sri Lanka.
On Wednesday, the essential directive to licensed commercial and specialized banks was issued (01).
As a result, this Circular is being published to ensure that the Scheme is implemented uniformly across all regulated banks. Licensed banks, on the other hand, may provide borrowers any further concessions as long as the overall benefits to borrowers do not fall below the benefits offered under this Circular.
“Success is not final; failure is not fatal: it is the courage to continue that counts.” – Winston Churchill