Innovative Banking

Nov 26, 2014 (LBO) – Sri Lanka’s banking sector needs new products and services to be competitive in the sector and to drive growth, Central Bank Governor Nivard Cabraal said.

Cabraal said, looking at vision 2020, it is time for banks to re invent and re think about the role and the products to achieve 150 US billion economy and 7000 US dollar per capita income in year 2020.

It is not about having dreams; you have to convert your dreams into reality. Cabraal said

Sri Lanka targets on 18 trillion dollar banking sector in year 2020.

Many foreign banks have come to us and talked about various new products and services, Nivard Cabraal, Governor of Central Bank Sri Lanka said.

But we hardly see a Sri Lankan bank come to us to talk about new inventions other than lending.

Governor was addressing directors’ symposium 2014 held Colombo on Wednesday (26), organised by Central Bank of Sri Lanka.

Sri Lanka has seen a declining private sector credit growth over the past years though the growth is seen picking up from the second half of this year.

Credit obtained by the private sector from commercial banks increased by 52.3 bi