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SOC acts to prevent undermining of community-based financial institutions by proposed Microfinance and Credit Regulatory Authority Bill

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Sectoral Oversight Committee (SOC) on Economic Development and International Relations discussing the proposed Microfinance and Credit Regulatory Authority Bill (pic courtesy Parliament)

The Chairperson of the Sectoral Oversight Committee (SOC) on Economic Development and International Relations, Attorney-at-Law Lakmali Hemachandra, MP, has proposed that the term “community-based financial institutions” be properly defined in the Microfinance and Credit Regulatory Authority Bill. Declaring that the proposed new law should not undermine the community-based financial institution, lawmaker Hemachandra has stressed the need for necessary amendments to the Bill.

According to the Office of Director Legislative Services / Director Communication, this directive has been given after the relevant SOC recently obtained views of community-based financial society representatives on the Microfinance and Credit Regulatory Authority Bill

During the meeting, representatives of community-based financial societies explained the role played by their societies and highlighted how they differ from microfinance and credit-providing institutions. They emphasised that community-based financial societies play a unique role in uplifting rural areas of Sri Lanka, including empowering women.

The representatives pointed out that the proposed Microfinance and Credit Regulatory Authority Bill seeks to bring all microfinance and credit-providing institutions under a single regulatory authority, and that this could potentially impact the role and operations of community-based financial societies.

Commenting on this matter, the Chairperson of the Committee noted that the Bill does not contain a separate definition for community-based financial institutions. She pointed out that regulating such institutions under a common set of criteria through a central authority could hinder their fundamental objectives.

Representatives of the community-based financial societies stated that while there is a strong need to subject their societies to regulation, it is important that any amendments to the Bill should not obstruct their core objectives.

After considering these views, the Chairperson proposed that the term “community-based financial institutions” be properly defined in the Microfinance and Credit Regulatory Authority Bill, and that necessary amendments be made to ensure their fundamental objectives are not adversely affected.

Accordingly, subject to these amendments, the Committee granted its approval to the Microfinance and Credit Regulatory Authority Bill. As the Bill also contains matters falling within the purview of the Committee on Public Finance, the Committee further decided to refer the Bill to that Committee for consideration.

Members of the Committee, including Members of Parliament Lakshman Nipuna Arachchi, Attorney-at-Law Nilanthi Kottahachchi, Thilina Samarakoon, and Samanmali Gunasinghe.

Government officials were also present at the meeting.



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PM opens ‘Silver Age Center,’ an Elder Care, Training and Research Centre built with modern facilities in Kataragama

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Prime Minister Dr. Harini Amarasuriya stated that a society must be built where all senior citizens can lead lives of safety, freedom, happiness, health, mobility, and spiritual well-being, with their rights safeguarded. She further emphasized that this is a responsibility shared by both the government and society.

The Prime Minister made these remarks on Tuesday (31st of March) while virtually participating in the opening of the ’Silver Age Center,’ an Elder Care, Training and Research Centre constructed with modern facilities in Kataragama. The event was held at the Ministry of Rural Development, Social Security and Community Empowerment, located in the new Sethsiripaya building.

During the event, the Prime Minister was presented with a draft of regulations and guidelines related to the regulation of institutions that provide residential care for senior citizens, by representatives of the National Council for Senior Citizens.

Expressing her views further, the Prime Minister  stated:

“This project, which commenced in 2022, had been halted due to various reasons. However, we have now resumed the project and are pleased to hand it over to the public today.

One of the key commitments of our policy is to create a society that ensures safety and protects the rights of all. Everyone, from the young to the elderly, deserves to enjoy these rights, freedom, and happiness.

A significant portion of our population is rapidly transitioning into senior age. However, the age of 60 still represents an active stage of life where individuals can contribute meaningfully to society and the economy. Senior citizens have needs, as well as abilities and valuable experience. We must recognize that they can continue to engage with society and remain active contributors.

Institutions that provide services for senior citizens play a vital role, and maintaining them is a social responsibility. It is essential to ensure the rights and provision of necessary services for all senior citizens, whether they live within families, independently, or in institutional settings.

We must ensure access to healthcare, transportation, lifelong learning, freedom, happiness, and spiritual well-being for senior citizens, while safeguarding their rights.

We should move beyond the traditional concept of ’elders homes’ and instead develop institutions that cater to the diverse needs of senior citizens, enabling them to spend their later years with dignity and respect.”

The opening of the ’Silver Age Center,’ Elder Care, Training and Research Centre, was carried out by Deputy Minister of Trade, Commerce, Food Security and Cooperative Development, R. M. Jayawardhana, along with regional public representatives and government officials. The occasion was attended virtually by the Minister of Rural Development, Social Security and Community Empowerment, Dr. Upali Pannilage; Secretary to the Ministry, Sampath Manthrinayake; and other ministry officials.

(Prime Minister’s Media Division)

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Heat Index at Caution Level in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district

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Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 01 April 2026, valid for 02 April 2026.

The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.


Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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Atmospheric conditions will be favorable for afternoon thundershowers in most parts of the island over the next few days from today (02 April)

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WEATHER FORECAST FOR 02 APRIL 2026
Issued at 05.30 a.m. on 02 April 2026 by the Department of Meteorology

Atmospheric conditions will be favorable for afternoon thundershowers in most parts of the island over the next few days from today (02 April)

Misty conditions can be expected at some places in the Central, Sabaragamuwa and Uva provinces during the early hours of the morning.

Showers or thundershowers will occur at several places in the Western, Central, Sabaragamuwa, Southern, Uva, North-western and North-central provinces after 2.00 p.m. Fairly heavy showers above 50 mm are likely at some places in the Western, Central and Sabaragamuwa provinces and in Kurunegala district. Showers may occur in the  Southern province and in Ampara, Batticaloa and Monaragala districts in the morning too.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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