Governor not happy with RFCs’ delay in listing:

Central Bank disburses Rs one billion in North

Charumini de Silva in Jaffna

The Central Bank has disbursed approximately Rs one billion of the Rs three billion fund, which is allocated as loans for the Northern Province under the Vadikkily Vasantham (Uthuru Vasanthaya) program, Central Bank Governor, Ajith Nivard Cabraal told Daily News Business.

He said the banks are actively disbursing the loans to the people to launch new ventures in the Northern province and the enthusiasm of both parties is commendable. Access to credit is a key factor for development and it is vital. “ We expect to disburse the balance of Rs two billion within this year”, he said.

The Governor opened Central Investment and Finance Limited (CIFL) and the Bartleet Finance Ltd., branches in Jaffna last Friday.

Cabraal said many finance companies and banks opening branches in Jaffna would support the public to continue their regular activities. It is essential to show an interest in assisting the people to re-build their livelihood.

He said there is a tremendous growth in the banking and finance sector. the interest shown by these institutions to set up branches in the Northern province is also remarkable. “As the Central Bank Governor I am not satisfied with the way the Registered Finance Companies (RFCs) are getting listed in the Colombo Stock Exchange (CSE). Half the year is already gone and we will not extend the deadline due to any reason”.

He said this is the perfect time for the RFCs to get listed in the CSE as the CSE is also performing outstandingly during the post war period. The Central Bank has made it mandatory for all the RFCs to get listed in the CSE before June 2011.

“Try to provide more successful entrepreneurs from this area and as time goes on the banking and finance sector will be the catalyst to the economy bringing prosperity”, the Governor said.