The Central Bank of Sri Lanka (CBSL) issued a warning yesterday regarding the improper use of the word ‘finance’ in violation of the Finance Business Act.
In a statement, the CBSL emphasized that only finance companies and institutions specified under Section 10(6) of the Act are allowed to use terms such as ‘finance’, ‘financing’, or ‘financial’.
These terms cannot be used alone or in combination with other words, their derivatives, transliterations, or equivalents in any language as part of a business name or description, unless prior written approval is obtained from the CBSL.
The CBSL further reminded that violating this provision is considered an offence under Section 56(4) of the Act, urging the public to comply with the legal requirements.
