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Central Bank of Sri Lanka grants concessions on loans to flood affected borrowers

Central Bank of Sri Lanka grants concessions on loans to flood affected borrowers

COLOMBO: The Central Bank of Sri Lanka said it has permitted licensed banks to grant concessions to their borrowers who have been affected by the recent floods, adverse weather conditions and connected circumstances. The Central Bank has taken the measure with a view to facilitating the recommencement of affected people’s businesses and normalization of their activities.

Accordingly, licensed banks can grant a concessionary period of up to 3 months in respect of repayment of all performing credit facilities of such borrowers as at 25 May 2017, and waive the penal interest for this period. Based on the information received by the Central Bank of Sri Lanka, many borrowers who have been affected by the recent floods are not aware of this concessionary scheme and therefore, have not received these concessions. Accordingly, such borrowers are informed to contact their bank branches in this regard.