ISSN: 1391 - 0531
Sunday June 01, 2008
Vol. 42 - No 53
Financial Times  

SLSB allows Pramuka depositors to withdraw up to Rs 100,000

By Bandula Srimanna

Sri Lanka Savings Bank Ltd, formerly Pramuka Bank, has finalized arrangements to implement the scheme for meeting the claims and demands of creditors and depositors on liabilities of Pramuka Bank. It was formulated by the Monetary Board of the Central Bank taking into consideration the suggestions made by the Board of Directors of Sri Lanka Savings Bank Ltd. A Finance Ministry official said that depositors would be allowed to withdraw up to Rs 100,000 rupees after June 3 and they would also get a reasonable interest for the period in which the bank was closed.

He added that the depositors who have deposits of Rs.400, 000 to Rs 1 million would be able to withdraw it four years after the commencement of operations of the bank and those who have deposits of Rs. 10 million and over will have to wait for nine years to withdraw their money. All depositors have been informed about this scheme in writing.

Of the 16,000 depositors, 67.2 percent or around 14,000 had deposited less than Rs 100,000 in the Pramuka Bank. State institutions too had deposited around Rs. 350 million in the bank. Sri Lanka Savings Bank 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. The government has put in nearly Rs.1.5 billion minimum capital requirement initially.


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