Category: Banking and Finance

The bank supervision department of the Central Bank said Parmuka will not do business during this period and the public should await a further communication from the Central Bank.rn rnCentral Bank said it was making the order in terms of the Banking Act.rn rnThe Bank Supervision Department of the Central Bank would conduct a detailed […]

A committee appointed by the Finance Ministry to merge revenue agencies, was trying to determine if the proposed revenue authority should be run by public servants or by experts hired from the private sector.rn rnThe government in its budget proposals announced the plans to set up the agency by merging The Customs, Excise and Inland […]

National Savings Bank launched a savings based pension scheme ldblquote Friends dblquote recently.rn rnThe bank says the account that offers a monthly interest of over nine percent is a good investment since inflation rates are expected to fall to single digit levels.

The World Bank is taking a new approach in lending to the poor.rn rnIt quote s letting the people decide where they want donor money spent. rn rnIn the war ravaged north and east the needs are pretty basic.rn rnPeople want school buildings for their children to study in, irrigation ditches to water their crops […]

Setting standards to corporate disclosures, the accounting watchdog Friday named listed companies for violating Sri Lanka accounting standards for the past two-years.rn rnThe Sri Lanka Accounting and Auditing Standards Monitoring Board or SLAAMB also pulled up auditors for not qualifying their reports in respect of the violations.rn rnAsian Hotels Corp., Trans Asia Hotels, Alliance Finance, […]

The Central Bank on Friday evening suspended the operations of Pramuka Savings and Development Bank Ltd with immediate effect.rn rnldblquote The suspension will be effective for a maximum period of 60 days during which the Bank Supervision Dept. of the Central Bank will conduct a detailed examinations of Pramuka to ascertain the true condition of […]

Central Bank quote s Superintendent Currency, Chitra Ariyaratne confirmed that the Rs.200.00 was being systematically removed from circulation due to its failure to stick to people quote s pockets.rn rnThe Central Bank printed 20 million notes in 1998 to celebrate 50 years of independence endash introducing Sri Lanka to its first Rs. 200 denomination and […]

Savings banking giant NSB has sought approval for more commercial lending in an attempt to broad-base its mammoth deposits. rn rnThe bank has sought changes to its Act through the financial reforms committee to enable them to lend more to private sector companies.rn rnAbout eighty two percent of the bank quote s Rs. 125 bn […]

Habib Bank AG Zurich was formally taken over by Hatton National Bank recently.rn rnAcquisition of Habib bank quote s assets of over 2 billion rupees has strengthened HNB quote s balance sheet of over 100 billion rupeesrn rnInternational banks are moving out to concentrate on familiar markets closer to home. rn rnldblquote Strategic decision taken […]

The government plans to offer subsidies to promote low and middle-income houses through the November budget.rn rnState pension funds are talking to specialised housing banks like State Mortgage and Investment Bank and Housing Development Finance Corp. to lend around Rs. 150 mn at concessionary terms. rn rnSources said the Employees Provident Fund plans to lend […]

State pension funds are eyeing long term housing bank debenture issues in an attempt to correct their assets and liability mismatch.rn rnState controlled Employees Provident and the Trust quote s fund managers are in discussions with three housing banks to purchase their debentures.rn rnState Mortgage and Investment Bank, Housing Development Finance Corporation and NDB Housing […]

Ceylinco Securities & Financial Services says it plans to get into the investment-banking sector.rn rnCurrently handling all types of investment related work, the firm says it has applied to the Central Bank for a specialized banking licence.rn rnWith eight branches strategically located islandwide, Ceylinco Securities provides a range of services including, stock broking (through Ceylinco […]