The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by the Axis Bank Limited, India consequent to a policy decision taken in 2019 on its global operations, has granted approval to close down business operations of Axis Bank Limited in Sri Lanka and cancel the licence 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 Axis Bank Limited complying with the terms and conditions imposed by the Monetary Board, the license issued to Axis Bank Limited to carry on banking business, will be cancelled with effect from 30 October 2020, CBSL said in a press release today.

Last week CBSL , 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 licence issued to it in terms of the provisions of the Banking Act, No. 30 of 1988, subject to several terms and conditions.