Archives

by Shirajiv Sirimane

The debit tax imposed by the government is having a negative impact on the banking industry in Sri Lanka, said the Managing Director/CEO Sampath Bank Anil Amarasuriya.

Amarasuriya told the 'Daily News' at the opening of the Sampath Bank's 61st branch at Battaramulla that this tax should be removed as soon as possible.

He said that if the government wants to have additional income the Inland Revenue Department should develop an alternative method for it. He said that the ceiling of Rs. 20,000 per month, the minimum amount to be exempted from the debit tax is not adequate.

Amarasuriya said that most of the employees' salaries are forwarded to banks and with overtime, bonus and other incentive payments most of them draw over Rs. 20,000. "To tax a person for Rs. 20,000 is not fair and the authorities must at least raise this ceiling to Rs. 50,000."

He said that the interest rates will go down further. "But not at the rate the Central Bank wants," he said.

We have made representations to the government in this connection, he said. He said that Sampath Bank was introducing many 'firsts' to the banking industry and added that the Visa Platinum card for the corporate sector is one such innovative product.

"The minimum credit limit is 12,000 US dollars and expatriates who operate US dollar accounts too are entitled to this card."

Chairman Sampath Bank Edga Gunatunge who was the Chief Guest at the opening ceremony said that the banking industry had been criticised as making high profits.

"Banking is a service industry and we provide a customer-oriented service." He said that if banks are to help in the development of the economy they have to make profits. "We keep a small margin of profits for our shareholders and the rest we lend towards the development of the economy."

He said that Sampath Bank is only 16 years and was the first local bank to introduce ATMs and Debit cards. He said that they had introduced a series of new products and Pawn broking is very popular. He said that they were the first bank to introduce a complete IT centre at selected branches which operate on a 24-hour basis even providing internet access from the location.

He said that they were very strong in the North East as well. They would be opening their 62nd branch in Ampara next week. "Our policy is to open four branches every year," he said.

www.crescat.com

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries

Produced by Lake House
Copyright © 2003 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager