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CB issues guidelines to establish Business Revival Units in licensed banks to help rescue viable troubled businesses

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The Central Bank has issued guidelines for the establishment of Business Revival Units (BRU) in licensed banks to support the revival of viable businesses, the CBSL said in a statement on Wednesday (03).

The aim of setting up the BRUs is to assist both performing and non-performing borrowers of licensed banks whose businesses are fundamentally viable to revive, the statement said.

It said that the licensed banks have already established Post COVID-19 Revival Units and the CBSL has issued guidelines to strengthen the functions of the above units and reformulate such units as BRUs.

The enhanced scope of proposed BRUs will facilitate sustainable revival of viable businesses affected by the extraordinary macroeconomic conditions, the CBSL said.

The challenging macroeconomic conditions that prevailed during the recent years have disrupted businesses, adversely impacting the ability of borrowers to duly repay their loans, and thereby impairing the recovery process of licensed banks, the statement said.

The CBSL said licensed banks are required to have robust business revival and rehabilitation policies and procedures to support the revival of businesses, and large banks with more than 50 branches, may consider establishing BRUs at large branches/regional offices of banks, in order to support the revival of businesses of affected borrowers more effectively and efficiently.

CBSL added that the fundamental viability of a business is a key factor in the consideration of business revival by a licensed bank, and that in the viability assessment, both financial and non-financial indicators are taken into consideration.

The borrower’s continuous cooperation will be critical for the process of reviving a stressed business, CBSL said.

The business can be revived through both financial and operational restructuring tools and processes, and the selection of an appropriate set of revival tools is subject to the mutual agreement of parties involved in the revival process, CBSL said.

Licensed banks are required to establish BRUs by mid-May 2024, and be fully compliant with the requirements of the Circular by July 1, 2024, it said.

According to the Department of Census and Statistics about 20 percent of small and medium scale businesses had been closed down during COVID pandemic and the subsequent economic crisis.



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Landslide RED warnings issued to the Divisional Secretaries Divisions of Ududumbara, Nildadndahinna and Walapane

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The landslide early warning center of the National  Building Research Organisation [NBRO] has issued RED warnings to the districts of Kandy and Nuwara Eliya for the next 24 hours effective from 0900 hrs today [09th January].

Accordingly,
LEVEL III RED landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Ududumbara in the Kandy district, and Nildandahinna and Walapane in the Nuwara Eliya district.

LEVEL II AMBER landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Wilgamuwa in the Matale district, and Mathurata and Hanguranketha in the Nuwara Eliya district.

LEVEL I YELLOW landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Uva Paranagama, Welimada,  Kandaketiya, Badulla, Meegahakiwula, Hali_Ela, Passara and Lunugala in the Badulla district, Minipe in the Kandy district, Ambanganga Korale, Ukuwela, Rattota, Naula and Laggala_Pallegama in the Matale district, and Nuwara Eliya in the Nuwara Eliya district.

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A Policy is being formulated to ensure Child Protection in the use of Technology — Prime Minister

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Prime Minister Dr. Harini Amarasuriya stated that a policy is currently being formulated to ensure child protection in the use of technology.

The Prime Minister made this statement on Thursday (08) in Kandy while briefing the Most Venerable Mahanayake Theros of the Asgiriya and Malwathu Chapters on the issue that has arisen regarding the Grade 6 English module. Thereafter, printed copies of all modules were  presented to the Mahanayake Theros.

Earlier on Thursday  (08), the Prime Minister visited the Malwathu Viharaya in Kandy and met the Most Venerable Thibbatuwawe Sri Siddhartha Sumangala Nayaka Thero, the Mahanayake of the Malwathu Chapter, where she explained the error that had occurred in the first print run of the English module for Grade 6 .

The Mahanayake Theros emphasized that education is a sensitive subject and that such matters should be handled with greater sensitivity and proper oversight. They further advised that a formal investigation should be conducted and that education reforms should be carried forward in a systematic manner.

Subsequently, the Prime Minister visited the Asgiriya Maha Viharaya and met the Most Venerable Warakagoda Sri Gnanarathana Mahanayaka Thero of the Asgiriya Chapter, where she clarified the error related to the English module.

The Mahanayake Thero noted that education reforms are a timely necessity and should be implemented with due oversight and careful review and also pointed out that there are broader issues in Sri Lanka regarding the use of technology, which are evident in the manner in which modern tools such as AI technologies are being used on social media.

Clarifying the issue Prime Minister Dr. Harini Amarasuriya further stated,

“We have appointed a committee to look into this issue, and based on the recommendations of the National Institute of Education (NIE), steps were taken to remove the relevant lesson. In addition, all printed copies of the relevant module have been stamped, and no module has been distributed to schoolchildren. A formal investigation into this matter has been initiated by the Ministry, and a complaint has also been lodged with the Criminal Investigation Department.

At the same time, we are in the process of formulating a policy on child protection in the use of technology”.

Thereafter, addressing the media and responding to the’ questions raised by journalists, the Prime Minister stated:

“The Opposition is attempting to use this national task for their own political advantage. However, many in society have expressed their views on the issues that have arisen in a positive manner, with the objective of identifying and correcting mistakes. The government has decided to move forward with education reforms by recognizing the error that have occurred and rectifying them. We will take the no-confidence motion brought by the Opposition as an opportunity to further advance dialogue on education reforms”

The occasion was graced by the Most Venerable Anunayaka Thero of the Asgiriya Chapter, Venerable Narampanawe Ananda Nayaka Thero; Deputy Registrar of the Asgiriya Chapter, Venerable Muruddeniye Dhammarakkhita Thero; Deputy Registrar of the Malwathu Chapter, Venerable Mahawela Rathanapala Thero; Members of Parliament Thushari Jayasinghe and Thanura Dissanayake; Mayor of Kandy Chandrasiri Wijenayake; Secretary to the Ministry of Education Nalaka Kaluwewa; and Secretary to the Ceylon Teachers’ Union in Central Province D. D. Wimalaweera.

[Prime Minister’s Media Division]

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The deep depression to the South-east of Sri Lanka is likely to intensify in to a cyclonic storm during the next 24 hours

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Deep depression Track. (Source: RSMC)

A RED warning  for a deep depression to the South-east of Sri Lanka has been issued at 01.00 a.m. on 09 January 2026 for the period until 01.00 a.m. 10 January 2026 by the Natural Hazards Early Warning Centre, of the Department of Meteorology.

The deep depression in the Bay of Bengal to the southeast of Sri Lanka (At 01:00 a.m. on Jan 9th, 2026 located about 200 km East of Pottuvil) is very likely to intensify further and move west-northwestwards towards the coast of Sri Lanka between Pottuvil and Trincomalee in the evening today (9th January 2026.) The system is likely to intensify in to a cyclonic storm
during the next 24 hours.

Hence, showery, and windy condition over the island, particularly in the Northern, North-Central, Eastern, Uva and Central provinces is expected to enhance.

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