The Central Bank of Sri Lanka (CBSL) recently published the list of registered finance leasing establishments (RFLEs) under the Financial Leasing Act (FLA) No. 56 of 2000.
The CBSL, issuing the notice, claimed that, in compliance with the provisions of the FLA, it is an offence to carry out finance leasing business without obtaining registration.
In compliance with the provisions of the FLA, 12 Licensed Commercial Banks, 39 Licensed Finance Companies, 4 Licensed Specialized Banks and 3 Specialized Leasing Companies are now registered under the CBSL to carry out ‘finance leasing operations’.
However, the Bank claimed that the Monetary Board had placed restrictions on the conduct of new leasing activities on 2 Approved Finance Companies, Kanrich Finance Ltd and Sinhaputra Finance PLC.