The efforts by Sri Lanka’s Central Bank to consolidate banking operations are on track as 12 banks and 57 non-bank lenders have submitted plans for mergers and recapitalization. The Central Bank said another 19 non-bank lenders have completed internal processes to allow them to submit the plans. Already 19 proposals have been approved. Consultants have completed information memoranda, due dligence reports and valuation reports of 38 NBFIs which have been shared with 40 prospective partners. Three micro-financiers have been given the nod.