NSB Act of 1971 to be amended to make it more dynamic

The National Savings Bank Act No. 30 of 1971 is to be amended to make the state owned giant more dynamic.

The Cabinet of Ministers at its meeting on Monday approved the resolution tabled by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies for instructing the Legal Draftsman to prepare an amended draft bill.

The Government said it has been identified that the NSB has found it difficult to cope up with the competitive and rapidly changing financial market due to the limitations existing in the existing Act. Therefore, in order to maintain a sustainable development for the institution, certain sections of the NSB Act have to be revised with the objective of furthering the bank through identifying new business opportunities and developing a new enterprise structure.