The credit regulatory authority act is to be redrafted in consultation of all stakeholders.
For that purpose, the finance ministry has appointed a committee headed by Sanjeewa Wimalagunarathna, director general of the National NGOs secretariat.
The act tabled before parliament was vehemently opposed by civil society organizations and others affected by it.
With several parties going to the Supreme Court and obtaining an order that it needs a special majority passage by parliament, the government withdrew the act.
Other members of the committee that will redraft it are two each from the Central Bank and finance ministry and one member each from microfinance institutions, community credit organisations and another representing victims of microfinance credit scams.
The head of the committee visited the Community Education Centre in Malabe yesterday (29) and met representatives of the victims.
He promised them to consider suggestions from all stakeholders and amend the act appropriately and expeditiously.
