A strong regulatory body is required to ensure financial discipline, said Samagi Jana Balawegaya (SJB) MP Eran Wickramaratne.
He proposed to the government the establishing of a separate authority if the Central Bank is not in a position to regulate banks and financial institutions.
Participating in the House debate on the Central Bank Act on Friday (21), the MP also called for a programme to rescue the poor from the grips of microfinance institutions.
Unlike the previous oppositions, the SJB led by Sajith Premadasa would support positive and populist legislations by proposing any required amendments, while remaining in the opposition, he stressed.
However, Wickramaratne questioned how a government that gives lame excuses and always finds fault with the opposition to suit its motives can seek any support.
