Business Times

Sri Lanka no longer needs Wall Street type of banks : PBJ

Sri Lanka no longer requires Wall Street type of banks and the need of the hour is to strengthen the rural banking sector with a view to support villagers, said Treasury Secretary Dr.P.B. Jayasundera when he launched the Regional Development Bank(RDB) the newly merged entity of the country’s six regional development banks in Colombo on Friday.

Ms Janaki Kuruppu and Dr.P.B.Jayasundara at the launch. Pic by Saman Kariyawasam

He noted that the target of the government is to create 25,000 entrepreneurs at regional level by providing financial assistance for rural youth to start business through Small and Medium Scale Enterprices (SME) loan schemes which will be implemented by 251 countrywide branches of the bank.

He revealed that donor agencies like the World Bank, Asian Development Bank and JICA have stepped in to provide aid for the RDB to implement SME loan schemes. Earlier these agencies were reluctant to assist the bank, he said. He disclosed that the Samurdhi banks have invested Rs. 17 billion in Treasury bonds and other government bonds, indicating the present resurgence of the rural economy.

Addressing a media conference which followed the launching ceremony, Chairperson of the Bank Janaki Kuruppu said that the bank will introduce new and innovative products and services focusing attention on the tourism and agriculture sectors. The combined asset and deposit base of the RDBs' was Rs.42 billion and Rs.39 billion respectively. Microfinance loans accounted for 46 % of the bank’s loans, while pawn-broking loans and housing loans accounted for 30 % and 24 %, she said. About 70 % of loans were less than 100,000 rupees, she added.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
SLT halts job cuts, aims to enhance productivity
Helitours dressed up; ready to go as a commercial venture
Etisalat interested in Suntel
GK fraud case to drag on for indefinite period
UK parent takes control of Finlays Colombo
GK protestors released on bail
Quality time at Coke
Comment - Kotelawala era winds down
Feature - Customised and waste-free
Feature - What does the rise of the East and collapse of the West really mean?
CB grants first Credit Guarantee Scheme facility to IFL
Jaffna to be developed as a knowledge hub
New Board of Directors at PC House
Etisalat increased business through pre-paid products
SL must double credit flow to achieve target growth
23% of GDP logistics costs resulting in too high cost of living
E-government policy reduces public inconvenience
ABC Extra Stout Bags Gold at Asia Beer Awards 2010
Lanka’s Coke plant: Where workers and management share same goal
Virtusa ventures into social media
Good Performance by CSE in 2009, must improve poor liquidity: annual report
Lanka Tiles posts increased profits
SriLankan Airlines deploys world-class messaging solution from Microsoft
Logistics, inclusion added to NBQSA awards categories
First Sri Lankan appointed to regional chamber
Munchee bridge replaces coconut trunk-crossing
Depositor files action against F & G for default on maturity payment
‘Chandiya’ foreign policy negative for Sri Lanka: veteran trade unionist
HSBC appointed advisor on Lankan ratings
IPO oversubscription raises concerns
Buy SL govt bonds, t-bills, recommends HSBC
Sri Lanka no longer needs Wall Street type of banks : PBJ
TRC to re-look interconnection/minimum floor rates by year end
16 teams vie for MTI Venture Start-Up Challenge
Security, server and cloud software from Novell now in SL
Huge development opportunities ahead in post-war scenario
Thomson Reuters’ Islamic Finance Head to headline SL event
Asoka Peiris to lead Singer as new Group CEO
ICASL says adopting new standard
PC House offers shares to the public
SEC inquiring into rejected broker application appeals
Part one – derivative basic terms


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution