The Central Bank of Sri Lanka has permitted licensed banks to grant concessions to their borrowers who have been affected by the recent floods, adverse weather conditions and connected circumstances with a view to facilitating the recommencement of their 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.
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