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Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

A consortium led by the Asia Capital and Richard Peiris Group were given time till July 22 to infuse cash and resurrect Pramuka Savings & Development Bank.
As reported by LBO on Wed. the Monetary Board has decided to allow Pramuka to resume business from July 22, subject to its new investors complying with certain concerns.rn

rnDuring the coming weeks, the consortium who have pledged to infuse between Rs. 500 mn to 600 mn, have to get depositors written consent to convert around Rs. 1.2 bn of their funds into equity, the Central Bank said in a statement late Thursday.rn

rnUnder the restructuring plan there would be a moratorium on depositors/creditors payments, they will have to forego some of their rights and receive a fixed interest rate on their investments for a specified time period.rn

rnIn addition, the consortium has to arrange to transfer Pramukas ownership to the new owners and reconstitute the banks board.rn

rnThe lengthy lquote to do list, needs written consent of all stakeholders, t