Treasury Secretary says the country’s risk-averse banking sector has failed to assist entrepreneurs especially in the small and medium sector. Treasury Secretary says the country’s risk-averse banking sector has failed to assist entrepreneurs especially in the small and medium sector. Doctor Jayasundera was speaking at the launch of the country’s first bank for small and medium entrepreneurs.
The new SME Bank, set up with a Rs. 5 billion capital base, will give financial and technical assistance to small and medium businesses.
“Our banking system has failed to reach the entrepreneurs of this country. Whether they are State owned banks, whether they are development banks or whether they are private sector banks -all are totally averse to risk,” Says P. B. Jayasundera, Treasury Secretary.
“In fact, we begin to wonder what these banks are doing in a country where considerable entrepreneurial talent; considerable entrepreneurial potentials exist, yet very traditional banking continue to prevail,” he says
The Treasury Secretary said the SME Bank can assist small businesses that can’t raise finance due to the high cost.
He said having