Former Deputy Leader of the United National Party, MP Ravi Karunanayake, has urged banks to adopt a more humane approach when dealing with small and medium-sized entrepreneurs.
Addressing the media, the MP acknowledged the importance of safeguarding the banking sector, emphasizing that no stakeholder can afford to overlook its significance.
He noted that Sri Lanka is not alone in facing challenges within the banking sector. “Banks that provide loans are not unique to Sri Lanka. Institutions in other countries and across the region also operate under risk,” he said.
Karunanayake further stated that the country’s banking system must evolve by addressing long-standing issues. He added that if these systemic shortcomings cannot be rectified, then one must question the necessity of banks and even the Central Bank in the modern age.
“With current technology, artificial intelligence can perform many of these functions,” he said, suggesting a potential shift towards tech-driven financial systems in the future.
