PM publishes Micro Finance Act

Friday, 15 July 2016 01:18 - - {{hitsCtrl.values.hits}}

The Prime Minister Ranil Wickremesinghe in his capacity as Minister of National Policy and Economic Affairs has by order published in the Gazette of July 11, brought into operation the Micro Finance Act no. 6 of 2016.

Prime Minister’s Office said this is a historical occasion as the Micro Finance industry which serves a large section of the people, mainly female, at the bottom of the economic pyramid, has not been under any sort of prudential regulation. This has given an ‘open season’ to Pyramid Scheme racketeers such as the infamous Sakvithi, Danduwan Mudalali and many others.