The Central Bank of Sri Lanka has announced that the licence issued to Bimputh Finance PLC under the Finance Business Act to carry on finance business, has been cancelled with effect from today (Sep. 01).
The CBSL made this announcement as follows :
Bimputh Finance PLC-Cancellation of Licence issued under the Finance Business Act, No. 42 of 2011
Bimputh Finance PLC (BFP), a Licensed Finance Company under the Finance Business Act, No. 42 of 2011 (FBA) has continuously been violating/contravening provisions of the FBA, several general Directions and Rules that have been issued with the view to achieve the overall objective of financial system stability and also specific directions issued to BFP in order to address the critical financial position of the company. Consequently, the financial condition of BFP had been deteriorating due to deficient capital level, poor asset quality and continuous losses.
Despite several time extensions granted to BFP by the Monetary Board of the Central Bank of Sri Lanka (Monetary Board) to comply with the provisions of the FBA, Directions and Rules issued thereunder and adhere to the Masterplan for Consolidation of Non-Bank Financial Institutions (the Masterplan), no satisfactory progress has been made by BFP to revive the critical condition faced by BFP.
In view of the above, the Monetary Board has decided to cancel the licence issued to BFP under the FBA to carry on finance business, with effect from 01.09.2023. Accordingly, BFP is not allowed to engage in Finance Business with effect from same date.
Largely complying with the Monetary Board directions issued, BFP managed to repay major portion of its deposit liabilities during 2022 and Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) will initiate necessary actions to pay compensation to the unclaimed depositors of BFP, up to a maximum of Rs. 1,100,000/- per depositor as per the regulations of the SLDILSS. Accordingly, all eligible depositors of BFP will be able to recover their deposits in full through SLDILSS upon submitting due claims within two years from the date of cancellation of licence or before the appointment of the liquidator by competent court, whichever occurs earlier as per the regulation of SLDILSS.
Further, all debtors of BFP are advised to repay their dues to BFP on time, only through a bank account under the name of BFP and maintain records for all such payments.
You may contact the Department of Supervision of Non-Bank Financial Institutions through the following for further clarifications.
Telephone : 0112 477229, 0112 477504 Fax : 0112 477 738 E mail : [email protected]
A CEOs delegation of the Confederation of Indian Industry (CII), led by Mr. Sanjiv Puri, Immediate Past President, CII and Chairman & Managing Director of ITC Limited, visited Colombo from 29 June to 02 July 2025.
The visit followed an invitation extended by the President of Sri Lanka during his State Visit to India in December 2024. The delegation comprised over 15 prominent Indian business leaders representing diverse sectors including hospitality, manufacturing, energy, healthcare, textiles, and tourism, among others.
During the visit, the CII delegation also called on the President and the Prime Minister of Sri Lanka. The leadership briefed the Indian business representatives on the constructive measures undertaken by the government to foster a supportive economic climate, promote investment, and ensure fair and transparent business practices.
In addition, the delegation held wide-ranging discussions with several senior Ministers and officials of the Government of Sri Lanka, including the Minister of Energy; Minister of Industry and Entrepreneurship Development; Minister of Labour and Deputy Minister of Economic Development; Minister of Trade, Commerce, Food Security and Cooperative Development; and the Chairman of the Board of Investment of Sri Lanka. These discussions explored avenues for investment-led collaboration and sector-specific partnerships.
A key highlight of the visit was a CEOs’ Roundtable organised by the High Commission of India on 30 June at ITC Ratnadipa, in collaboration with the Ceylon Chamber of Commerce (CCC). The CCC delegation was led by Mr. Krishan Balendra, Chairman and CEO of John Keells Group. The Roundtable witnessed in-depth deliberations on strengthening bilateral economic cooperation and identifying new opportunities for collaboration. High Commissioner of India to Sri Lanka – Mr. Santosh Jha also participated in the interaction.
To mark the occasion, the High Commissioner hosted a networking reception that brought together prominent business leaders, senior ministers, and political leaders. The event also witnessed the participation of leading trade and industry chambers from across Sri Lanka.
The visit of the CII CEOs delegation successfully identified various areas of mutual interest for forging further economic linkages and trade connections. It also highlighted the commitment of apex Indian chambers of commerce, such as CII, to deepening existing economic ties, promoting investment-led partnerships, and exploring new avenues for collaboration between India and Sri Lanka.
The delegation included :
Dr Nandini Rangaswamy – Chairperson, GRG Educational Institutions & Managing Director, Chandra Group of Companies
Dr S Chandrakumar – Founder & Executive Chairman Kauvery Group of Hospitals
Mr CK Ranganathan – Chairman & Managing Director CavinKare Pvt Ltd
Mr G R Anantapadmanaban – Managing Director GRT Group
Mr VKC Razak – Chairman, CII Kerala State Council & Managing Director of VKC Footgear Pvt. Ltd.
Mr Dipak Das – Managing Director Lanka IOC PLC
Mr Christo George – Convenor CII Kerala Manufacturing MSME & Export Panel, Chairman and Managing Director of Hykon India Limited
Mr Sohel Firoz Kazani – Founder and Managing Partner of Interport Impex Private Limited (Bharat Freight Group)
Mr Sunin Sunny – CEO of Ecospice Ingredients Pvt Ltd.
Mr Ravi Dolli – Member, CII Maharashtra Manufacturing Panel & CEO of Alloy Steels
Mr Rahul Nayak – Head of International Business TVS Motor Company
Ms Neerja Bhatia – Deputy Director General Confederation of Indian Industry
Mr Saikat Roy Chowdhury – Executive Director of International Confederation of Indian Industry
Mr Manish Mohan – Senior Director of International Confederation of Indian Industry
The Lanka Indian Oil Company (LIOC) has donated Rs. 100 million to the President’s Fund.
Mr. Dipak Das, Managing Director of Lanka Indian Oil Company, handed over the relevant cheque to Dr. Nandika Sanath Kumanayake, Secretary to the President, at the Presidential Secretariat today (July 04).
It is noteworthy that this donation is in addition to the contributions Lanka Indian Oil Company already makes to the education, health and cultural sectors in the country.
Mr. Roshan Gamage, Senior Additional Secretary to the President and a group of representatives from Lanka Indian Oil Company were also present at the occasion.
Mr. Das was a part of the CEOs delegation of the Confederation of Indian Industry (CII) who was in Colombo from June 29 – July 02.
The Central Bank of Sri Lanka (CBSL) has initiated resolution action against Nation Lanka Finance PLC (NLFP), effective from today (July 04) due to continuous violations of the Finance Business Act No. 42 of 2011 and related regulatory directives.
The company has been facing a deteriorating financial position marked by capital deficiencies, poor asset quality, ongoing losses, and failure to repay depositors.