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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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Navy brings fisherman in distress off Pothuvil, ashore

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The Sri Lanka Navy rescued a fisherman from a local fishing trawler that encountered distress due to adverse weather conditions off the eastern coast of Sri Lanka.

The rescue operation took place on 17 July 2026, approximately 15 nautical miles off Pothuvil.  The operation was launched following information received by the Maritime Rescue Coordination Centre (MRCC) Colombo.

In response, the Sri Lanka Navy deployed the Offshore Patrol Vessel SLNS Vijayabahu along with additional craft to conduct a search operation in the designated sea area, where they successfully located the distressed fisherman.

Following the rescue, the individual was brought aboard SLNS Vijayabahu, where naval personnel administered preliminary first aid. He was subsequently brought to the mainland and rushed for further medical attention.

Meanwhile, the Navy, along with the coordination of MRCC Colombo, remains constantly prepared to swiftly respond to the eventualities faced by maritime and fishing communities operating within the island’s Search and Rescue Region (SRR).

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Dengue outbreak gallops ahead: Infections surpasses 73,455, leaving 50 dead

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The countrywide dengue outbreak has intensified, with the death toll rising to 50, by July 16, as the number of reported infections surpassed 73,000, according to the National Dengue Control Unit (NDCU).

The country has recorded 73,455 dengue cases so far this year, with the case fatality rate standing at 0.07 percent, highlighting the severity of the ongoing outbreak.

The Western Province continues to remain the worst affected region, accounting for more than half of the total cases, with 38,700 infections. The Gampaha District has recorded the highest number of cases in the province with 15,341, followed closely by Colombo with 14,625.

The Southern Province has reported 11,382 cases, while the Sabaragamuwa and Central provinces have each recorded more than 6,000 infections.

Dengue cases have shown a sharp increase in recent months, with June recording the highest monthly total of 21,538 cases, while July has already reported 18,076 infections. In comparison, 8,590 cases were reported in May, and 5,651 in April.

Health authorities have identified 175 Medical Officer of Health (MOH) areas as high-risk locations during the 27th epidemiological week. An average of 2,677 new dengue cases are being reported daily, prompting authorities to intensify prevention and mosquito control measures.

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Evidence recorded in money laundering case against Yoshitha Rajapaksa

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Yoshitha

The Colombo High Court yesterday (17) resumed hearing the money laundering case filed against Yoshitha Rajapaksa, son of former President Mahinda Rajapaksa, under the Prevention of Money Laundering Act.

The proceedings were held before High Court Judge Udesh Ranatunga, where evidence was recorded from prosecution witnesses, under the direction of Deputy Solicitor General Janaka Bandara.

President’s Counsel Sampath Mendis, appearing for Yoshitha Rajapaksa, cross-examined the witnesses during the hearing.

After recording evidence, the court ordered that further examination of evidence be postponed until July 24.

The Attorney General has filed indictments, alleging that Yoshitha Rajapaksa committed an offence, under the Prevention of Money Laundering Act, by purchasing five plots of land in Dehiwala and Ratmalana, valued at more than Rs. 73 million.

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