Bills Online

Ceylinco Group Chairman Lalith Kotelawala on Friday appealed to the Central Bank to loosen its grip on the banking sectors’ expansion plans. Ceylinco Group Chairman Lalith Kotelawala on Friday appealed to the Central Bank to loosen its grip on the banking sectors’ expansion plans. Kotelawala said the requirement for Central Bank approval for every new branch and ATM was slowing down the financial systems expansion in to backwater Sri Lanka.

The Ceylinco chairman was speaking at a ceremony launching Seylan Asset Management’s (SAM) online government securities buying service.

SAM will retail government securities online, with investors’ allowed to buy up to Rs. 10 mn in bills and bonds off the web.

Initially bills, bonds, repos and reverserepos will be offered at www.samonline.com, with other investment products will be added later.

The online service targets busy office workers, offering them an easy alternative to going to a primary dealer.

SAM chief Ajantha Madurapperuma said in addition to the online convenience, investors also benefit from the lower cost transaction costs.

-LBO Newsdesk: