FINANCIAL CHRONICLE — The cabinet of Sri Lanka has given the green light to a proposal aimed at revising the State Mortgage and Investment Bank (SMIB) Act, with the goal of enhancing the bank’s capacity to meet its objectives and ensuring its profitability.
Established under Act No. 13 in 1975, the SMIB began its operations in January 1979. The bank was created through the consolidation of two pre-existing institutions: the Ceylon Mortgage Bank and the Agricultural and Industrial Credit Corporation.
A cabinet statement highlighted that the current legislation has imposed certain constraints that have hindered the bank’s ability to fulfill its goals and sustain anticipated profit levels. Consequently, it has been recognized that amending the Act is essential to adapt to the present business landscape and to realize the envisioned goals.
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The Legal Draftsman has been tasked with drafting a bill to amend the 1975 legislation, which will subsequently be submitted to Parliament for consideration. (Colombo/May12/2026)
