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Microfinance Industry Report SRI LANKA - Microfinance in Sri Lanka

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NGO-MFIs – A large number of local and<br />

<strong>in</strong>ternational NGOs are engaged <strong>in</strong> microf<strong>in</strong>ance<br />

activities and some have now spun off their<br />

microf<strong>in</strong>ance operations <strong>in</strong>to separate entities.<br />

NGO-MFIs operate <strong>in</strong> a grey area where their<br />

microf<strong>in</strong>ance bus<strong>in</strong>ess is concerned. Whether<br />

registered with the Department of Social Services<br />

or established as companies under the Companies<br />

Act, the microf<strong>in</strong>ance operations of these<br />

<strong>in</strong>stitutions are neither regulated nor supervised.<br />

This group of <strong>in</strong>stitutions is also restricted by law<br />

from mobiliz<strong>in</strong>g deposits although <strong>in</strong> practice<br />

many of them do so. A few of the larger MFIs <strong>in</strong><br />

this group are ready to take the next step of<br />

transform<strong>in</strong>g <strong>in</strong>to f<strong>in</strong>ancial <strong>in</strong>stitutions but face a<br />

number of regulatory barriers.<br />

> > Other f<strong>in</strong>ancial <strong>in</strong>stitutions – This group covers<br />

the commercial banks, f<strong>in</strong>ance and leas<strong>in</strong>g<br />

companies who have entered the microf<strong>in</strong>ance<br />

bus<strong>in</strong>ess. Among this group, the more significant<br />

players are the government owned People’s<br />

Bank and the privately owned Hatton National<br />

Bank, <strong>Sri</strong> <strong>Lanka</strong>’s oldest commercial bank. One or<br />

two <strong>in</strong>surance companies have also entered the<br />

micro <strong>in</strong>surance bus<strong>in</strong>ess. However, for many of<br />

the <strong>in</strong>stitutions <strong>in</strong> this group, their microf<strong>in</strong>ance<br />

activities fall with<strong>in</strong> the sphere of corporate social<br />

responsibility.<br />

Annex 4: List of References<br />

>> Asian Development Bank – Key Indicators 2007,<br />

Inequality <strong>in</strong> Asia<br />

>> Bank of Ceylon Annual <strong>Report</strong> 2007<br />

>> Central Bank of <strong>Sri</strong> <strong>Lanka</strong> - Annual <strong>Report</strong> 2007<br />

>> Central Bank of <strong>Sri</strong> <strong>Lanka</strong> – F<strong>in</strong>ancial Stability<br />

Review 2007<br />

>> CGAP – <strong>Sri</strong> <strong>Lanka</strong> CLEAR Review 2006<br />

>> CIA The World Fact Book 2008<br />

>> Commercial Bank of <strong>Sri</strong> <strong>Lanka</strong> Annual <strong>Report</strong> 2007<br />

>> Department of Census and Statistics, <strong>Sri</strong> <strong>Lanka</strong> –<br />

Household Income & Expenditure Survey 2006/07<br />

>> GTZ ProMiS – Outreach of F<strong>in</strong>ancial Services <strong>in</strong> <strong>Sri</strong><br />

<strong>Lanka</strong>, April 2008<br />

>> GTZ-ProMiS – <strong>Microf<strong>in</strong>ance</strong> Institutions <strong>in</strong> <strong>Sri</strong> <strong>Lanka</strong><br />

(to be published)<br />

>> Girija Sr<strong>in</strong>ivasan and IPS – Review of Post-Tsunami<br />

<strong>Microf<strong>in</strong>ance</strong> <strong>in</strong> <strong>Sri</strong> <strong>Lanka</strong>, October 2008<br />

> > HNB website - http://www.hnb.net/<br />

>> Insurance Board of <strong>Sri</strong> <strong>Lanka</strong><br />

>> Mah<strong>in</strong>da Ch<strong>in</strong>tana : Vision For A New <strong>Sri</strong> <strong>Lanka</strong><br />

>> People’s Bank Annual <strong>Report</strong> 2007<br />

>> Sampath Bank Annual <strong>Report</strong> 2007<br />

>> Sanasa Development Bank<br />

>> Sanasa Federation<br />

> > Seylan Bank website - http://www.eseylan.com/<br />

> > World Bank website – http://web.worldbank.org/<br />

Bank<strong>in</strong>g With The Poor Network 37

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