The Monetary Board of the Central Bank of Sri Lanka, 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.

Upon the Director of Bank Supervision being satisfied with ICICI Bank Limited complying with the terms and conditions imposed by the Monetary Board, the licence issued to ICICI Bank Limited to carry on banking business, will be cancelled with effect from 23 October 2020, CBSL said in a press release.

Meanwhile ICICI Bank in a message to its customers said it  has decided to cease its operations in Colombo, Sri Lanka with approval of Central Bank of Sri Lanka.

It advised  customers to visit ICICI Bank Colombo Branch to initiate the account closure.