ISSN: 1391 - 0531
Sunday March 02, 2008
Vol. 42 - No 40
Financial Times  

Former Pramuka now opens on March 10

By Bandula Sirimanna

The failed Pramuka Bank will re- open on March 10 as the Sri Lanka Savings Bank Ltd, according to an assurance given by the Minister of Finance and State Revenue Ranjith Siyambalapitiya,In an interview, he expressed regret and concern over the long delays in opening the bank.

Bank Chairman Ariyathilake Dahanayake said that all arrangements are being finalized to re-open the bank on the date set by the Finance Ministry. The new bank has made several official announcements in the past about the opening but has not been able to keep to its promise, disappointing depositors, many of whom are elderly.

Siyambalapitiya disclosed that the package of incentives for Pramuka depositors has been finalized. Of the 16,000 depositors, 67.2 percent or around 14,000 had deposited less than 100,000 rupees while state institutions had deposited around Rs. 350 million.

He appealed to the depositors not to withdraw their deposits and give sufficient time for the bank to mature as there is a plan to re-invest the Rs.3.5 billion in treasury bills, thereby providing higher value and security. Depositors would be allowed to withdraw up to 100,000 rupees after June 3 and they would also get a reasonable interest for the period in which the bank was closed.


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