The Sri Lanka Credit Information Bureau (CRIB) has been instructed to take immediate action to prevent banks from approving loans to institutions and individuals who are insolvent or can’t pay loans.
It was by Mr. Gamini Waleboda, the Chairman of the Sectoral Monitoring Committee on Alleviating the Impact of the Economic Crisis.
The chairman points out that it is absolutely impossible to allow public money to be wasted like that.
In addition to providing information about institutions and individuals while approving loans, the committee also made recommendations to the Sri Lanka Credit Information Bureau to make provisions for providing a rating report.
The Chairman emphasized that the Act should be amended as soon as possible and the legislators are obliged to provide the necessary support.
These instructions were given when a group of officials from Sri Lanka Credit Information Bureau (CRIB) and Lohor Arya Credit Fund were called before this committee in Parliament recently (29).
A group of officials from the Sri Lanka Credit Information Bureau (CRIB) and Lohor Arya Credit Fund were called before the committee on this day.
The officials of the CRIB who explained the role of their institution, said that their institution only releases information about the financial affairs of individuals and institutions.
The chairman praised the services rendered by the Sri Lanka Credit Information Bureau to maintain the banking and financial system of the country in an orderly manner.
Presenting the facts before the committee, the officials of the Sri Lanka Credit Information Bureau pointed out that there is no correct understanding of their institution among the public.
For that purpose, the chairman advised to take necessary steps to inform the public widely about the process of Sri Lanka Credit Information Bureau (CRIB). The officials informed the committee that attention is being paid to changing the term ‘CRIB’ in the future.
Meanwhile, Lohor Arya Loan Fund, as an institution that provides loans only for government employees, has discussed at length in the committee about the need to grow its loan fund.
Accordingly, the Chairman gave instructions to target 10 lakh government employees in the year 2024 to start a loan program.
The Chairman of the Committee further instructed that their Institutions Act should be amended immediately and a committee should be appointed to take necessary measures to achieve those goals.
