The Treasury is to sell off a 47 percent stake it holds in each of the six rural development banks and offer it up to private management.
Under the new structure, the Central Bank, which controls around 67 percent of the rural development banks (RDBs), will continue to hold 20 percent.
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The Central Bank had earlier offered the 47 percent stake to RDB employees, who turned it down under bank union pressures.rn
rnThe balance 33 percent, currently equally split among the Peoples Bank, Bank of Ceylon, National Savings Bank and Employees Provident Fund (EPF), will also be up for sale, if the new owners wish to purchase them.rn
rnThe balance sheets of Kandurata, Ruhuna, Wayamba, Sabaragamuwa, Uva and Rajarata Banks are now being cleaned up with tough limits set for lending. rn
rnFormerly known as the Regional Rural Development Banks (RRDBs) under an Act of parliament in 1986, RDBs now operated under its own Act No: 6 of 1997.rn
rnStrongly present in the rural markets, RDBs strengths lie in its accepta