Business
Central Bank of Sri Lanka: Monetary Board appoints four new Assistant Governors
The Monetary Board, at its meeting held on 17th November 2021 has promoted K G P Sirikumara, D Kumaratunge, Mrs. U L Muthugala, and C P S Bandara to the post of Assistant Governor with effect from 17th November 2021.
K G P Sirikumara
He has served the Central Bank for more than 21 years in different capacities in the Departments of Legal and Compliance and Secretariat. He has served as a member in the National Payments Council, Financial Stability Committee, Non-financial Risk Management Committee, and in the Panel of Experts appointed under the Payment Devices Frauds Act, No.30 of 2006. He has also functioned as an observer in the Monetary Board Advisory Audit Committee and Board Risk Oversight Committee.
He has been instrumental in introducing numerous law reforms in the banking and financial sector, financial market infrastructures, capital markets and combating money laundering and terrorist financing. He has introduced strict governance standards within the Bank, and introduced resolution and enforcement measures to strengthen the financial sector.
Sirikumara holds Master of Laws Degrees from the Monash University, Australia and the University of Colombo. He also holds a Bachelor of Laws (LL.B.) degree from the University of Colombo. He is an Attorney -at- Law and a member of the International Compliance Association (ICA), United Kingdom. He possesses International Diplomas in Anti Money Laundering (Graduate) and in Compliance (Graduate).
D Kumaratunge
Kumaratunge has over 30 years of experience in the Central Bank and has worked in the Departments of Economic Research, Centre for Banking Studies, Information Technology, and Management Audit in different capacities before serving as the Director of Payments and Settlements Department from 2016.
He has represented CBSL in the Board of Directors of the Lanka Financial Services Bureau Limited (LFSBL) and in the Governing Council of the National Institute of Business Management. He has been a member of the Academic Council and in the Syllabus Review Panel of the Institute of Bankers of Sri Lanka and has also served in the Steering Committee to Monitor the use of Transit Card appointed by the Ministry of Transport, Workers’ Remittances Task Force, IT/BPO Sectoral Task Force appointed by the Presidential Task Force, Steering Committee on Digital Platform Policy Framework, Roadmap & Action Plan to create a uniform Digital Business Landscape by ICTA Agency of Sri Lanka, and of the Faculty Advisory Committee for the Centre for Banking Studies, CBSL.
Kumaratunge holds a Master of Science Degree in Information Technology from the University of Colombo, Master of Arts Degree and a Postgraduate Diploma in Economics from the University of Essex, United Kingdom and a Bachelor of Commerce Degree from the University of Peradeniya. He also has a Postgraduate Diploma in Information Technology obtained from the University of Colombo.
Mrs. U L Muthugala
Mrs. Muthugala has served the Central Bank for more than 30 years in the Departments of Secretariat, Finance, Bank Supervision, Public Debt, International Operations, Internal Audit, Financial System Stability, Supervision of Non-Bank Financial Institutions in different capacities.
She has functioned as the Chief Accountant as well as the Secretary of the CBSL. She also possesses expertise in core central banking areas of financial system stability, supervision and regulation
of financial institutions, debt and portfolio management and international finance, and foreign reserves management.
Mrs. Muthugala has further served as a member of several committees including Foreign Reserves Management Committee, Domestic Debt Management Committee, Internal Investment Committee, Committee on the International Sovereign Bond issue by the Government of Sri Lanka, Emergency Action T
She holds a Master of Business Administration Degree from the University of Colombo and is a Fellow member of the Chartered Institute of Management Accountants (CIMA), United Kingdom. She also possesses the ACI Dealing Certificate of the Financial Markets Association.
C P S Bandara
C P S Bandara has over 24 years of experience at the Central Bank in the areas of financial system stability, economic and price stability, corporate services, agency functions, business continuity planning, enterprise-wide risk management and strategic planning. He has served in the Departments of Risk Management, Policy Review and Monitoring, Payments and Settlements, Public Debt and Information Technology.
He has served as the Secretary to the Sovereign Ratings Committee, Member of the Steering Committee for international sovereign bond issuances by the Government of Sri Lanka,
Secretary to the Payments Reform Steering Committee, Assistant Secretary to the Board Risk Oversight Committee, Secretary to the Non-Financial Risk Management Committee, Member of the Employees’ Provident Fund Investment Oversight Committee and as an Observer of the Monetary Board Advisory Audit Committee, Business Continuity Planning Committee, International Reserves Investment Oversight Committee, Internal Investment Oversight Committee, and the Financial System Stability Committee. He also served as a member in many cabinet appointed committees established to improve the country’s financial market infrastructure by implementing national level projects.
He holds a Master of Science Degree in Information Technology from Charles Sturt University, Australia, a Bachelor of Technology Degree in Computer Science from Monash University, Australia and a Diploma in Central Banking. He is also a Member of the Computer Society of Sri Lanka.
Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.
Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.
Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.
On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.
“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.
In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.
The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.
Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.
The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).
The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.
The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.
Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.
The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.
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