The Cabinet of Ministers has approved the initiation of the procurement process to implement a technology-based supervisory solution for the Banking Supervision Department of the Central Bank of Sri Lanka (CBSL), marking a significant step towards modernising financial sector regulation and supervision.
The Banking Supervision Department plays a critical role in regulating and overseeing the licensed banks to ensure the stability, soundness and resilience of the country’s banking system. Its operations involve extensive interaction with the licensed banks and other stakeholders, requiring the preparation, review, storage and retrieval of a large volume of regulatory and supervisory documents. At present, many of these functions rely heavily on physical record management systems. Recognising the need to enhance operational efficiency and strengthen regulatory oversight through digital transformation, the implementation of an advanced technology-driven supervisory platform has been identified as a key priority.
The proposal, submitted by President Anura Kumara Dissanayake, in his capacity as the Finance, Planning and Economic Development Minister, received the Cabinet approval to proceed with the procurement process.
The proposed supervisory solution will be developed based on a needs assessment carried out with the technical assistance from the Asian Development Bank.
The initiative is expected to improve the efficiency, effectiveness and responsiveness of banking supervision, while supporting the broader efforts to modernise Sri Lanka’s financial regulatory framework.
