Category: Banking and Finance

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Hidden Fees in Electronic Card Payments: A Call for Action

Sumedha Amarasinghe, the Deputy Secretary of the Association of Leasing and Debt Instalment Payers, has highlighted a significant issue with electronic card payments in a recent media disclosure. Amarasinghe noted that some institutions deduct an additional 1% to 5% from customers when they pay with an electronic card. This practice is an issue, as customers […]

Relaxation of restrictions imposed on standing facilities

The Central Bank of Sri Lanka introduced restrictions on the usage of the Standing Facilities by the Licensed Commercial Banks (LCBs) under the Open Market Operations (OMOs), with effect from 16 January 2023 Accordingly, access to the Standing Deposit Facility (SDF) was limited to a maximum of five (05) times per calendar month, while access […]

Inclusive and sustainable businesses set new pathways for Sri Lanka

By Marta Perez Cuso and Yihan Zhao: Selyn, a women-led handloom business, offers flexible employment and valuable income opportunities to about 1,000 women artisans and persons from marginalized groups in rural Sri Lanka. Selyn develops and exports high-value craft products in global markets. The bigger revenue margins of quality products translate into better incomes for […]

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Sri Lanka Central Bank to implement single policy rate mechanism

Sri Lanka’s Central Bank of Sri Lanka (CBSL) said it seeks to consolidate monetary policy operations under a single benchmark rate. Governor of the CBSL Nandalal Weerasinghe made this remark while announcing the 2024 annual policy statement in Colombo, Wednesday. online pharmacy buy levofloxacin with best prices today in the USA The decision was made […]

Cargills Bank debuts trading on the Colombo Stock Exchange

The shares of Cargills Bank Limited (CODE: CBNK-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on 09th January 2024. The shares have been listed on the Main Board of the CSE under the ‘Diversified Banks’ sector. The occasion was marked with a special Bell Ringing Ceremony.  The company’s Initial Public Offering (IPO) for 62.5 […]

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”’ National Rating on watch positive

Fitch Ratings has maintained Sri Lanka Telecom PLC’s (SLT) ‘A(lka)’ National Long-Term Rating on Rating Watch Positive (RWP). The RWP reflects the potential rating upside from the removal of linkages with SLT’s parent, the Sri Lankan government (Long-Term Local-Currency Issuer Default Rating (IDR): CCC-), as the government is in the process of selling its 50. […]

Union Bank appoints Dilshan Rodrigo as Deputy CEO

Union Bank announces the appointment of Dilshan Rodrigo as the Deputy Chief Executive Officer with effect from 15 January 2024.  Dilshan Rodrigo is a top banking professional with an impressive track record with over two decades of Banking experience. He last served as the Executive Director/Chief Operating Officer at Hatton National Bank (HNB), where he […]

Nirvana Chaudhary appointed as Chairman, Union Bank

Union Bank announced the appointment of Nirvana Chaudhary as the Chairman of Union Bank with effect from 21 December 2023. Chaudhary was appointed as a Non-Executive, Non-Independent Director to the Union Bank Board in October 2023. Chaudhary has extensive experience as a business leader and is presently the Managing Director of CG Capital Partners Global […]

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‘ Funds

The Sri Lanka Banks Association (SLBA) has issued a statement defending the use of Parate Execution as a legal remedy for recovering mortgaged assets from wilful defaulters and businesses that are no longer viable. The statement comes in response to what the SLBA terms as “lobbying by a group of defaulting borrowers” seeking to weaken […]

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