🚨 CBSL Cancels Co-operative Leasing Company's Registration

The Central Bank of Sri Lanka (CBSL) has officially cancelled the Certificate of Registration of Co-operative Leasing Company Limited (CLCL) with effect from June 10, 2026. • Reason for Cancellation: CLCL repeatedly failed to comply with the Finance Leasing (Reporting Requirements) Direction No. 2 of 2010. It also failed to meet the regulatory requirements of CBSL's Masterplan for Consolidation of Non-Bank Financial Institutions, despite being granted multiple extensions. • Business Sustainability: The regulator noted that CLCL failed to develop a viable plan to ensure the long-term sustainability of its business operations, showing no satisfactory progress. • Regulatory Action: The cancellation was executed by the Department of Supervision of Non-Bank Financial Institutions (DSNBFI) under Section 9(1)(f) of the Finance Leasing Act, No. 56 of 2000. • Impact on Public: CLCL is strictly prohibited from carrying on any new finance leasing business. However, the company is permitted to manage and wind down leasing contracts entered into before the cancellation date.