State Minister of Samurdhi, Household Economy, Micro Finance, Self-Employment and Business Development Shehan Semasinghe says the proposed Microfinance & Credit Regulatory Authority Act will be tabled in Parliament in the near future.
Speaking during the launch of the new micro finance support hotline at the auditorium of the State Ministry of Samurdhi, State Minister Semasinghe said steps will be taken to table the proposed bill in Parliament soon with the aim of addressing a number of identified shortcomings.
The State Minister said the bill is currently at the Legal Draftsman’s Department after been approved by the Cabinet of Ministers.
He said the government hopes to regulate unfair loans being given to the public including micro finances.
State Minister Semasinghe said the Lanka Microfinance Practitioners’ Association agreed to provide details received through the new hotline to the Ministry.
The State Minister said according to the data received, discussions will be held with the Ministry of Finance, Central Bank of Sri Lanka and other related institutions in order to provide security and support to institutes providing micro finances as well as ensuring the public is not inconvenienced.