The Hon. Ravi Karunanayake
Ravi Karunanayake raised concerns about finance companies repossessing assets from borrowers who have paid most instalments but fall behind near the end of repayment periods. He urged the Central Bank of Sri Lanka to review repossession rules, timelines, and practices to ensure a more humane approach, particularly where a large portion of the facility has already been paid.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 Hon. Speaker, I thank the Hon. Minister. There is an inhuman aspect in repossessing assets for delayed payments. Borrowers use finance companies due to lack of capital. Sometimes a borrower pays 50 of 60 instalments and loses both asset and prior payments for missing the last 10. I urge a humane approach—CBSL should relook at repossession practices and timelines. If 90 per cent is paid and only final months remain, repossessing is unfair. Please intervene; this occurs regularly and attracts media due to unreasonableness.
Provenance
- Source
- Hansard, Friday, 22 August 2025 ·No. 1756894696039492 ·English daily/uncorrected Hansard
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Cite as: The Hon. Ravi Karunanayake. 10th Parliament, Parliament of Sri Lanka. Hansard, 22 August 2025. No. 1756894696039492. Politick, https://staging.politick.io/lk/speeches/22311