Attractive interest rates must to improve banking sector

Katugastota group corr.

[ Moving on ]

*Banks must be taken to villagers

*Resources must be dispersed to other areas

The banking sector can be improved only by introducing attractive interest rates and also by developing small level banks such as National Savings Banks (NSB) among the people, Public Administration, Home Affairs and Deputy Finance Minister Dr Sarath Amunugama said.

Addressing a ceremony to mark the opening of a NSB branch at Katugastota on Friday, Dr. Amunugama said the introduction of attractive interest rates would prevent the public from going to bogus financial institutions. He added that the living standard of the rural folk should be raised by launching developing projects at provincial level.

Most leading banks, government institutions and business establishments are confined to the Western Province. These resources must be dispersed to other areas, so that the rural folk can derive the maximum benefit out of it, the Minister said.

“We must also take steps to take these banks to the village,” Dr. Amunugama said. NSB General Manager and CEO Sunil Perera and several directors were also present.