The Sectoral Oversight Committee on Economic Development has approved amendments to the Microfinance and Credit Regulatory Authority Bill following discussions with Microfinance Society representatives. 

Chaired by MP Lakmali Hemachandra, the committee decided to specifically define "Community Finance Institutions" to distinguish them from commercial lenders. 

This move aims to protect the social objectives of microfinance societies, particularly their role in empowering rural women. 

The amended bill will now be referred to the Committee on Public Finance for further review.