Banking Act to Parliament this week to strengthen customers: Siyambalapitiya

No matter what economic problems arise in the country or what situation the banks are facing, the purpose of the Banking (Special Provisions) Act to be presented to Parliament this week is to strengthen the customer 100 percent, Finance State Minister Ranjith Siyambalapitiya said.

While addressing a meeting at Ruwanwella, he said this Act is very important for the economic stabilization of the entire country.

"This Act will create a legal framework to strengthen the customer more than usual.

"It will provide an opportunity for the Central Bank to intervene for the safety of the deposits of about Rs. 15 trillion from 57.2 million customers if the stability of a financial institution reduces," said Siyambalapitiya 

This Act also makes it mandatory for every bank to have insurance for the protection of its customers, he added. (Chaturanga Pradeep Samarawickrama)