Sri Lanka, Nov. 24 -- A Microfinance and Credit Regulatory Authority of Sri Lanka is to be introduced to prevent the social crisis and harm that have arisen at ground level due to the operation of microfinance lending activities without any form of regulation.

The document pertaining to the proposed Draft Bill of the Microfinance and Credit Regulatory Authority, which is scheduled to be presented to Parliament upon Cabinet approval in the future, was extensively discussed at the Sectoral Oversight Committee on Economic Development and International Relations, Members of the Sub Committee under the Ministerial Consultative Committee on Rural Development, Social Security and Community Empowerment established to identify future steps to res...