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Concessions on loans granted to flood affected borrowers

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Published: 12:14 GMT, Aug 12, 2017 |
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business-04th-Sep-2014

The Central Bank of Sri Lanka (CBSL) has permitted licensed banks to grant concessions to their borrowers who have been affected by the recent floods, adverse weather conditions and connected circumstances to facilitate the recommencement of their businesses and normalization of their activities.

Accordingly, licensed banks are free to grant a concessionary period of up to 3 months in respect of repayment of all performing credit facilities of such borrowers as at 25th May 2017, and waive the penal interest for this period.

According to the information received by CBSL, many borrowers who have been affected by the recent floods are not aware of this concessionary scheme and therefore, have not received these concessions. Hence, the CBSL informs such borrowers to contact their bank branches in this regard.