Committee studying State banking system gets 3-month extension

Cabinet on Monday approved a proposal to extend by three months the term of the Committee appointed to make recommendations for formalising the State banking system to harvest efficient service from them to strengthen the national economy.

The Committee headed by retired High Court Judge Sisira Ratnayake was appointed in July this year.

The extension effective 18 November, was granted as the Committee could not conclude its work as expected due to the prevailing situation in the country, Prime Minister Mahinda Rajapaksa, who is also Finance Minister informed the Cabinet.