Sri Lanka Savings Bank (SLSB), set up to resurrect the defunct Pramuka Bank, has completed the initial payment of Rs.100,000 each to all depositors numbering around 14,600 who were made destitute overnight following the sudden collapse and closure of Pramuka Bank in 2002, a senior official of the bank said.
He told the Business Times that this scheme began on February 2 last year and included the lowest deposit to the highest ranging from Rs.500, 000 to Rs 5 million. The bank commenced its operations in March 2008.
He revealed that the bank has already repaid a sum of Rs 130.27 million among 307 elderly depositors in the age group of 60 years and over on the directions of President Mahinda Rajapaksa. The total deposit base of the collapsed Pramuka Bank was over Rs. 3 billion. Under this re-payment plan, refunds of deposits of over Rs.400,000 will be made from 2013 onwards and Rs. 1 million and above will be paid after 2016.
Most depositors however have expressed their dissatisfaction over the repayment scheme saying that they have no alternative other than waiting patiently as they have already waited for six long years. The Pramuka Bank Depositors Association is not active now, they alleged.