The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by the ICICI Bank Limited, India, has granted approval to close down business operations of ICICI Bank Limited in Sri Lanka and cancel the license issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions. Upon the Director of Bank Supervision being satisfied with ICICI Bank Limited complying with the terms and conditions imposed by the Monetary Board, the license issued to ICICI Bank Limited to carry on banking business, will be cancelled with effect from 23 October 2020, the CBSL stated.
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