Samurdhi Community Based Banks and Banking Societies to be subjected to government audit

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Cabinet has approved a proposal to draft legislation to subject Samurdhi Community Based Banks and Samurdhi Community Based Banking Societies to Government Audit.

There are 1092 Samurdhi Community Based Banks and 335 Samurdhi Community Based Banking Societies functioning across the country to promote microfinance activities. As per the provisions of the Samurdhi Act, the Samurdhi Community Based Banks and Samurdhi Community Based Banking Societies are audited annually by the Internal Audit Division of the Samurdhi Development Department. However, the Samurdhi Act does not include the provision that they should be audited by the National Audit Office, the government noted in a media release.

It has been recognized that auditing the Samurdhi Community Based Banks and Samurdhi Community Based Banking Societies by the National Audit Office will also help maintain transparency in their operations and increase public confidence and acceptance. As such, the Cabinet approved the proposal presented by the President in his capacity as the Minister of Women , Affairs and Social Empowerment to amend the Samurdhi Act No.1 of 2013 as amended by Divineguma (Amendment) Act No. 2 of 2017 and to advise the Legal Draftsman to prepare the respective bill for this purpose.

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