Financial Times


The Central Bank has informed the public not to deposit money in institutions that are not registered with the Central Bank. If a registered institution closes down or if for some reason the Central Bank seizes the institution, will the Central Bank pay compensation to the depositors? If not what purpose does the Bank serve to the depositors? I am forwarding these questions because the Bank Supervision division of the Central Bank doesn’t seem to be doing its supervision properly.

This is very clear from the Pramuka Bank case. Depositors after so many battles were paid Rs 100,000 six years later. Now they have to wait another four years to get the balance, and interest was not paid. The culprits are still absconding. Any one depositing money in any institution is doing so at his own risk. Pramuka is a good lesson. As the matter stands, some depositors have died and many more are sick and ailing and cannot wait another four years.



Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
Garment industry sees “really tough” 2009
Net foreign investors don't add to CSE value
Sampath rights in vain
PBJ apologises to court
Go – when the umpire says out! - Comment
Business of head-hunting
Trading the country’s debt for climate change
World Bank unveils ‘conflict sensitive’ lending programme from 2009-2012
Lankan Regional Chamber Presidents’ Conference in Sri Lanka
Electronic laws discussion at Biz Club
Pan Asia Bank felicitates its customers
Tea prices tumbling while production costs climb
Colombo stocks crashing, falls below 2000 level
BOI urges German investors to take a fresh look at Sri Lanka
SriLankan Airlines rewards honesty among staff
‘Hands Lanka’, the first international exhibition of local handicrafts at SLECC
Lankan govt. likely to have borrowed $1 bln so far from foreign loans
ComBank’s CSR Trust paves the way to Sri Pada
CIC Group sees Eastern economy growing by double digits


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo, Sri Lanka. All Rights Reserved.