BusinessThe Central Bank of Sri Lanka on Thursday increased the minimum capital requirements for new and existing banks saying it was to ensure “a stronger and dynamic banking sector”. Accordingly, the minimum capital requirement for new licensed commercial banks (LCBs) is Rs. In the case of foreign banks its Rs. 10 billion) for foreign banks with assets above Rs. "Enhancing minimum capital requirement will support the implementation of Basel III framework in Sri Lanka to strengthen the resilience of banks, and may lead to consolidation in the banking sector," the banking regulator said in a media release.

Source: Sunday Times October 26, 2017 09:45 UTC