Night Banking

Dr. Ganeshan Wignaraja and Dr. Dinusha Panditaratne

Nov 16, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon will start a branch that will stay open 24 hours to support government efforts to expand night economic activities in Colombo, an official said. The branch in Colombo’s Fort areas is expected to start on November 19, chairman Gamini Wickramasinghe said.

The government legalized gambling through a new law passed this month, where specific areas can be designated to operate casinos.

The area around Colombo’s D R Wijewardene Mawatha, has also been earmarked to be developed as a leisure and entertainment complex by the urban development authority.

The Bank of Ceylon is Sri Lanka’s largest bank by assets.

The bank also launched a two year savings certificate paying 8.0 percent a year this week. Branded ‘Unity Premium Bonds’ the scheme hopes to raise 2.0 billion rupees in two weeks, officials said.

They come in denominations of 1,000, 5,000, 50,000, 100,000 and 500,000 rupees.

Officials say they are intensifying deposit collection despite excess liquidity in the banking system to promote savings. Officials say excess liquidity will be a temporary.