Former Deputy Leader of the United National Party and Parliamentarian Ravi Karunanayake raised concerns in Parliament about the significant growth in private sector credit through commercial banks and non-banking financial institutions, highlighting the absence of clear and transparent data on major consumer loans.
He noted that credit has expanded by up to Rs. 243 million through high borrowings, leases, debit cards, and mortgages.
Ravi Karunanayake questioned the government on the specifics of private sector credit growth by commercial banks from 2022 to 2025, requesting details on the annual increase in both rupees and percentage terms.
He also sought information on the amount of credit extended by non-banking financial institutions, finance companies, and leasing companies over the same three-year period.
