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| Thursday, 23 October 2003 |
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Seylan Bank reduces interest rates In response to the recent decision of the Central Bank of Sri Lanka to reduce its Repo rates by 50 basis points to 7% and Reverse Repo rates by 100 basis points to 8.5%, Seylan Bank, will reduce its lending rates ranging from 0.5% to 1% per annum from November, 1. The Director/General Manager/Chief Executive, Rohini Nanayakkara said that these interest rate reductions were targeted at the vital sectors of the economy and will benefit the SMEs, Agriculture and Export Sectors in particular. This decision will augment the Government's efforts to portray growing importance of Sri Lanka as a South Asian Commercial Hub. Seylan Bank recently set up a specialised Development Banking Division to focus on lending to small and medium enterprises, fisheries, prawn farming, micro finance, agriculture and farming sectors and stimulate economic activities and create employment opportunities. The 'Govisarupatha' credit card to farmers, which was introduced by the Bank to help the farming community, has won international acclaim for this product innovation. Seylan Bank is also engaged in a Tank Restoration Project, which is a pioneering scheme by a Bank and will benefit the agricultural sector. Seylan Bank with the co-ordination of other market players in the government, non-government as well as the private organisations is actively engaged in assisting the agricultural sector particularly paddy cultivation. The Bank has also lent substantial sums for the cultivation of other field crops such as maize, soya and green gram tied-up with marketing of these items through forward sales contracts with the buyers, and is today promoting this scheme, formulated by the Central Bank. The Bank has also initiated a special loan scheme for unemployed graduates to set up their own industries/business enterprises, with a commitment to grant 1000 loans within the next three months. Identified staff in the Development Banking Division will be specially trained abroad and locally to further improve their skills in these specialised sectors and contribute to the Bank's effort to reduce poverty in Sri Lanka. |
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