Regional Development Bank opens

Sanjeevi Jayasuriya

Regional Development Bank (RDB) will be launched today.

The country will be geared to produce more entrepreneurs with the aim to fuel the rapid development drive. The Bank launched today will be a bank with a local touch assisting the emerging entrepreneurs to establish viable commercial ventures, Regional Development Bank Chairperson Janaki Kuruppu told Daily News Business.

The country’s entrepreneurs could look forward for a friendly and efficient service from the Regional Development Bank which strives to empower Sri Lankans.

The creation of more entrepreneurs will facilitate the development process thereby increasing the GDP with more businesses and generating employment opportunities, she said. The Regional Development Bank (RDB) is 100 percent Government owned and has been set up merging the six Provincial Banks set up in 1995.

The Provincial Banks of Rajarata, Kandurata, Wayamba, Sabaragamuwa, Ruhunu and Uva were set up merging the 261 rural bank branches countrywide in 1985.

The RDB has a Rs 40 billion asset base and 2 million customers as the bank was set up in a bottom up approach. This would enable it to make a head start in expanding its business activities.

The RDB will accept deposits at competitive rates and will provide personal and project loans.

The core business will be providing project loans to encourage medium scale entrepreneurs with funding facilities.

“The Provincial Banks only underwent a structural change to set up the RDB to have a central management system. It has six times more financial stability and is a one strong bank.

This will give the RDB strength to invest in infrastructure, IT, HR and marketing to provide a better service to its customers, Kuruppu said.