Second Life

March 14 (LBO) – After several false starts, the failed Pramuka Bank would start operations 0n June 01 as the Sri Lanka Savings Bank, the finance ministry said Wednesday. The Pramuka Bank licensed as a specialized bank was closed by the Central Bank in October 2002, with an estimated 80 percent bad loans.

Of the 16,000 depositors, 67.2 percent had deposited less than 100,000 rupees.

"Six months after the bank is started depositors would be allowed to withdraw up to 100,000 rupees and they would also get interest at the treasury bill rate for the period the bank was closed," State Revenue Minister Ranjith Siyambalapitiya said in a statement.

The statement said one or two representatives from the depositors would be appointed to the Board of the newly constituted Sri Lanka Savings Bank and action would also be taken to recover bad loans.

Meanwhile president of the Pramuka Depositors Association Palitha Gamage told LBO they were happy at the latest proposals put forward by the government.

He said depositors who keep money after the lapse of six months had been promised a rate of two percent above the t-bill rate and hoped that they would hel

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Top
0
Would love your thoughts, please comment.x
()
x