Sri Lanka National Savings Bank opens:

Over 16,000 Pramuka depositors to benefit

COLOMBO: Over 16000 depositors of the Pramuka Bank who became helpless with the Sudden closure of the Bank in October 2002 will stand to benefit when the Sri Lanka National Savings Bank opens on June 1, said Finance and State Revenue Minister Ranjith Siyambalapitiya yesterday.

All assets and liabilities of the defunct Pramuka Bank will be taken over by the Sri Lanka National Savings Bank, Minister Siyambalapitiya said.

The Minister in a press release said out of over 16000 depositors in the Pramuka Bank 67.2 per cent owned accounts with less than Rs. 100,000 deposits each and these were even reports of certain depositors inconvenienced by the Bank’s closure committing suicide.

The then government without intervening in this matter, said the depositors themselves should shoulder the responsibility about the whole matter.

President Mahinda Rajapaksa during his earlier tenure as Prime Minister discussed this issue with a team led by Ven. Athuraliye Ratana thera and comprising him (Minister Siyambalapitiya) and promised to bring about a lasting solution to this matter agreeable to the depositors once he became President.

In fulfilment of that pledge the present government under the guidance of the President resolved this issue by instituting the Sri Lanka National Savings Bank by an Act of parliament.

Accordingly, this Bank will start functioning from June 1 and take over all assets and liabilities of the Pramuka Bank.

Accordingly to a decision taken at a meeting chaired by him (Siyambalapitiya) at the Finance and Planning Ministry yesterday the following benefits will accrue to the depositors of the Pramuka Bank with the opening of this new bank.

Depositors could withdraw a sum upto Rs. 100,000 at their discretion after a lapse of 6 months from June 1. Interest would be calculated on deposits according to the interest on Treasury bills for respective years since the date of the closure of the Pramuka Bank.

If a depositor did not withdraw his deposits withing the 1st year an additional 2 per cent interest will be paid for his deposits apart from the interest calculated according to treasury bill interest.

One or two representatives from Pramuka Bank depositors would be appointed to the Directorate of the Sri Lanka National Savings Bank. A strategy would also be adopted to attract large deposits in addition to the Pramuka Bank deposits.

In order to ensure security of Sri Lanka National Savings Bank deposits its monies will be re-invested in Treasury bills only yesterday’s meeting was attended by Ven. Aturaliye Ratana thera, MP, Treasury secretary Dr. P.B. Jayasundara, officials of the Pramuka Bank Depositors Association and all other relevant parties.