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The Central Bank of Sri Lanka has imposed a penalty on an Indian bank for non-compliance.

Banking & Finance | Dated: 29 Dec 2024

In December 2024, the Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka imposed a monetary penalty of Rs 5.85 Lakhs (2 million Sri Lankan rupees, LKR) on Indian Bank Limited, a public sector bank based in Chennai, Tamil Nadu (TN), for not following the rules of Sri Lanka’s Financial Transactions Reporting Act No. 6 of 2006 (FTRA).

🎯 Key Highlights:

  • - Currently, Indian Bank operates two branches in Sri Lanka, one in Jaffna and the other in Colombo.

💡 Other Important Facts:

  • The penalty is related to non-compliance with the regulatory framework outlined in the FTRA and its associated rules and regulations. Indian Bank conducts its operations in Sri Lanka through two branches situated in Colombo and Jaffna.

📚 Test Your Knowledge:

Which bank has the Central Bank of Sri Lanka recently penalized for non-compliance?

Correct Answer: Indian Bank

🚀 Quick Recap:

About Sri Lanka

  • President: Anura Kumara Dissanayake
  • Prime minister: Harini Amarasuriya