Carrying out finance leasing business without obtaining registration is an offence - CBSL

The Central Bank of Sri Lanka (CBSL) recently released the list of registered Finance Leasing Establishments (RFLEs) under the Finance Leasing Act (FLA) No. 56 of 2000.

Issuing the notice, the CBSL stated that as per the provisions of FLA, carrying out finance leasing business without obtaining registration is an offence.

Accordingly, 12 Licensed Commercial Banks, 39 Licensed Finance Companies, 4 Licensed Specialised Banks and 3 Specialised Leasing Companies, are registered under the CBSL to carry out "finance leasing business” as per the provisions of FLA.

However, the Bank stated that restrictions have been imposed by the Monetary Board on 2 Licensed Finance Companies; Kanrich Finance Ltd and Sinhaputra Finance PLC on conducting new leasing business.

The notice as follows: