So fare 12 banks and 57 non-banking financial institutions have submitted their proposals under its consolidation of banks and non-banking institutions programme, says the Central Bank of Sri Lanka (CBSL).

The proposals submitted by these institutions are for consolidations, buying and introducing capital.

The Monetary Board has approved in principle 19 proposals for consolidation and the auditors appointed by the CBSL are reported to be currently carrying out the auditing activities of these institutions.

Advice has been provided on the value of the buying and consolidation of these institutions based on these audited figures.

Meanwhile, the CBSL says that the recently crisis ridden Central Investments and Finance Limited has been included in this consolidation programme says the CBSL, the court order restraining the company’s restructuring has been removed.

The International Monetary Fund (IMF) has also commended the consolidation of financial institutions programme, says the CBSL.