2026-02-16
News Categories : Committee News
The Microfinance and Credit Regulatory Authority Bill was considered and approved by the Committee on Public Finance.
This took place at a meeting of the Committee held in Parliament on 10.02.2026 under the Chairmanship of Hon. Member of Parliament Dr. Harsha de Silva, with the participation of Hon. Deputy Ministers Chathuranga Abeysinghe, (Dr.) Kaushalya Ariyaratne, and Nishantha Jayaweera, as well as Hon. Members of Parliament Attorney-at-Law Rauff Hakeem and Nimal Palihena.
The Bill has been drafted with the objectives of establishing the Sri Lanka Microfinance and Credit Regulatory Authority, regulating the money lending business and microfinance business, protecting customers engaged in such businesses, repealing the Microfinance Act, No. 6 of 2016 and providing for matters connected therewith or incidental thereto.
The Chair of the Committee stated that the original draft of this Bill, which had been presented in 2024, was challenged before the Supreme Court, and that the constitutional inconsistencies identified by the Court appear to have been addressed in this new draft. The Committee expressed its appreciation for the Bill, which had been prepared after obtaining the views of all stakeholders.
Officials stated that the Authority to be established under this Bill will issue licenses to and regulate persons engaged in money lending and microfinance businesses, and that the Authority will be governed by a Board of Directors. It was further noted that no person may conduct a money lending business without a license issued by the Authority.
The Committee inquired whether online lending activities would also fall under the purview of the Authority. Officials clarified that online lending may also be carried out only by licensed entities. They further emphasized that customer protection is a primary objective of the Bill.
Discussions were also held regarding whether the Bill adequately covers the social empowerment role of community-based financial institutions, including through the introduction of relaxed regulatory fees or simplified compliance requirements. Practical operational issues and consumer protection were also identified as areas requiring further attention.
Officials noted that certain lenders, such as e-commerce operators, would not fall within the scope of this Act.
Taking into account the prevailing public mistrust and uncertainty surrounding legislative reforms, the Committee recommended that the Ministry of Finance, Planning and Economic Development implement effective communication programs to raise awareness among the public and all stakeholders. As an initial step, the Committee suggested publishing a document containing Frequently Asked Questions (FAQs).
As the Authority will be vested with statutory powers to determine maximum interest rates in both the lending and deposit sectors, the Committee advised officials to exercise such powers in a manner that preserves the nature of the various financial instruments used by microfinance institutions for savings and lending activities.
The delegation of powers to Divisional Secretariat offices was also discussed at length. Officials stated that small-scale lenders would not be required to travel to Colombo to engage with the Authority, and that limited powers relating to connected functions (such as processing applications and other routine matters) would be delegated to the Divisional Secretariat level. The Committee emphasized the need for a robust information technology system to ensure the effective and efficient implementation of this process.
Furthermore, at the same meeting, the Committee also considered and approved the Resolution published in Extraordinary Gazette No. 2464/15 under the Customs Ordinance (Chapter 235), as well as three Orders issued under the Special Commodity Levy Act.
2026-05-26
The Central Provincial Council was summoned before the Committee on Public Accounts (COPA) to examine the Auditor General’s triennial report for the years 2021–2023, the Auditor General’s report for 2024, and the Council’s current performance.The committee meeting, chaired by Hon. Member of Parliament Kabir Hashim, was held recently at Parliament.During the meeting, attention was drawn to the progress made in implementing recommendations issued at the COPA meeting held on 5th September, 2019. Discussions focused on the incident involving the destruction of files belonging to the Central Provincial Passenger Transport Authority.It was revealed that directives issued by the relevant court and the Presidential Secretary regarding the incident had not been implemented by the responsible authorities. In this regard, the Committee Chairman instructed officials of the Central Provincial Council to submit all reports and correspondence related to the incident to the committee.In addition, the committee discussed an incident involving the unlawful transfer of a rest house owned by the Road Development Authority to a third party in violation of lease conditions. Accordingly, the Chairman instructed officials to identify the officers responsible for making the relevant decisions and to submit a report to the committee on the legal action being taken in connection with the matter.The committee also held extensive discussions on irregularities identified by the National Audit Office in road development and passenger transport services in the Central Province, as well as issues affecting the health sector.Expressing his views during the meeting, the Chairman emphasized the importance of expediting ongoing investigations within institutions and focusing on follow-up action. He further stressed that if a state institution generates profits, such profits should accrue to the government, and if such revenue is used for institutional activities, established legal provisions and procedures must be strictly followed.The meeting was attended by committee members Hon. Members of Parliament Dr. M.L.A.M. Hizbullah, Ruwanthilaka Jayakody, Attorney-at-Law Thushari Jayasinghe, Sunil Rathnasiri, Oshani Umanga, Susantha Kumara Navarathna, Ajantha Gammeddage, Chanaka Madugoda, T.K. Jayasundara and Lal Premanath along with a group of government officials.
2026-05-26
The Parliamentary Select Committee of Parliament to look into and report to Parliament on the matter of selecting the Electoral System under which the Provincial Council Elections should be held and submit its proposals and recommendations in that regard, recently sought views from the Attorney General’s Department and members of the Election Commission.The discussion took place when the committee met in Parliament under the chairmanship of Hon. Minister Vijitha Herath.During the meeting, the Attorney General’s Department briefed the committee on the existing legal obstacles to holding Provincial Council elections and the possible ways in which such obstacles could be removed to facilitate the conduct of the elections.The Election Commission informed the committee that it is prepared to conduct Provincial Council elections at any time under the legal provisions enacted by Parliament based on the committee’s recommendations.The meeting was attended by Hon. Deputy Ministers Arun Hemachandra, Sunil Watagala, Attorney-at-Law and Muneer Mulaffer as well as committee members Hon. Members of Parliament Mano Ganesan, Shanakiyan Rajaputhiran Rasamanickam, Dharmapriya Wijesinghe, Samanmali Gunasinghe and Lakshman Nipuna Arachchi. The committee member M. Nizam Kariapper, P.C also participated virtually.
2026-05-25
The Women Parliamentarians’ Caucus has decided to examine the ongoing legal proceedings and matters relating to the protection of the girl involved in the sexual abuse incident reported from the Anuradhapura area.This decision was taken during the Women Parliamentarians’ Caucus meeting chaired by Hon. Minister Saroja Savithri Paulraj, held in Parliament today (May 25). Accordingly, a special discussion has been scheduled for 05.06.2026 with the participation of relevant institutions including the Sri Lanka Police, the Attorney General’s Department, the National Child Protection Authority and the Department of Probation and Child Care Services.In addition to the incident, which has generated significant public concern, the discussion is also expected to focus extensively on strengthening the laws and empowering the institutions required to prevent all forms of violence against women and children.Meanwhile, it was also decided to appoint a subcommittee under the Women Parliamentarians’ Caucus to oversee the future legal proceedings relating to the Anuradhapura girl’s case and to identify the institutional and legal reforms required in the country to eliminate violence against women and children.The subcommittee will be led by the deputy co-chairs of the Women Parliamentarians’ Caucus Hon. Members of Parliament Samanmali Gunasinghe and Attorney-at-Law Chamindrani Kiriella. The other members of the subcommittee will be Hon. Hemali Weerasekara, Dr. Kaushalya Ariyarathna, Attorney-at-Law Sagarika Athauda, Attorney-at-Law Nilanthi Kottahachchi, Attorney-at-Law Nilusha Lakmali Gamage, Attorney-at-Law Thushari Jayasinghe, Attorney-at-Law Anushka Thilakarathna, Attorney-at-Law Hasara Liyanage, Attorney-at-Law Hiruni Wijesinghe and Attorney-at-Law Lakmali Hemachandra.
2026-05-25
The progress of implementing the new education reforms was reviewed at a recent meeting of the Sectoral Oversight Committee on Education, Manpower and Human Capital, chaired by Hon. Member of Parliament Hesha Withanage Ankumbura Arachchi. During the meeting held in Parliament on the 19th, extensive discussions were held on the implementation of the new education reforms.Secretary to the Ministry of Education, Higher Education and Vocational Education, Mr. Nalaka Kaluwewa, briefed the committee on the manner in which the new education reforms are being implemented.The meeting was attended by Hon. Leader of the Opposition Sajith Premadasa, committee members, provincial education secretaries, school principals, and several other officials.
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