Postal Banking

Oct 09, 2008 (LBO) – Sri Lanka’s DFCC Vardhana Bank has struck a deal with Sri Lanka Post to use its post offices to reach more banking customers which also helps the government postal agency to cut huge losses.

DFCC Vardhana Bank opened five new banking units in Sri Lanka Post offices branches in the southern province Thursday as part of its strategic expansion plan.

The five new banking unites were declared open in the Weligama, Matara, Kottegoda, Dickwella and Hakmana posts offices.

Last month DFCC Vardhana had signed a Memorandum of Understanding (MoU) with Sri Lanka Post to offer commercial and personal banking services at 100 post offices in the next six months.

Under the MoU, DFCC Vardhana would offer products such as savings, time deposits, loan facilities, foreign currency encashment and deposits, loan applications, outward remittances, children’s savings accounts.

Vardhana is to invest and give a facelift to the post offices.

All banking facilities offered would be by Vardhana Bank’s own staff.

L G Perera, chief executive of Vardhana Bank, said all Vardhana post office branches will be equipped with online services which are similar to its regular branch operations.