The Hon. Roshan Akmeemana

¶ 01 Mr. Presiding Member, I direct this question to the Minister of Finance, Planning and Economic Development.

¶ 02 In relation to the operations and supervision of the Credit Information Bureau of Sri Lanka (CRIB) established under the Credit Information Bureau of Sri Lanka Act, No. 18 of 1990 as amended by Acts No. 8 of 1995 and No. 42 of 2008, and under the Standing Orders, I wish to raise the following questions:

¶ 03 1. Why is direct access to CRIB not granted to cooperative societies, Samurdhi Banks, and rural banks, which play a crucial role in servicing low-income and rural communities and which often face significant challenges in accessing or verifying their customers’ credit information?

¶ 04 2. What measures has CRIB taken to address widespread public complaints that credit reports often do not reflect accurate repayment statuses and thereby adversely affect individuals’ ability to obtain new credit facilities?

¶ 05 3. What measures has CRIB implemented to ensure the continuous and accurate updating of credit data by licensed financial institutions, including those whose licenses have been cancelled or are inactive, such as Fintrex Finance PLC and The Finance Company PLC, so that affected borrowers can settle their obligations and regularize their credit records?

¶ 06 4. While maintaining a financial reserve exceeding Rs. 4.8 billion and being an institution gazetted under the Ministry of Finance, why are the Auditor General’s regular audits of its accounts and operations not being conducted?

¶ 07 5. Why does CRIB appear to operate under state oversight similar to that of a private institution rather than as a government-regulated institution?

¶ 08 6. Although engaged in a profitable business of providing credit information while also performing a critical public function, why is CRIB not subject to the oversight of the Committee on Public Enterprises (COPE)?