Failed Pramuka Bank reopens

The failed Pramuka Bank officially re-launched its operations as the state –owned Sri Lanka Savings Bank at a ceremony under the auspices of President Mahinda Rajapaksa but a majority of depositors say they will have to wait a long period to withdraw their money.

According to the scheme formulated by the Finance Ministry, the Treasury, and the Central Bank along with the members of the Pramuka depositors and Stake holders Association only 17 percent of around 14,600 depositors who had deposited Rs.100,000 or less at Pramuka would be allowed to withdraw their deposits after June 3 while the rest will have to wait another four to nine years . Several pensioners in Kalutara, Panadura, and Waskaduwa told The Sunday Times FT that they had withdrawn money deposited in other banks and put it into Pramuka Bank to receive high interest rates.

They added that they cannot wait for so long to withdraw their hard earned money as they are in the latter stages of their lives. Another Pramuka depositor and a senior officer who obtained the golden hand shake from a leading private bank said that he is facing immense financial difficulties at present and he needs money now – and not in four or nine years.

He noted that the whole compensation scheme should be revised in agreement with depositors.