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Government Gazette

RDB improves credit, recovery growth

The credit and recovery growth of Regional Development Bank (RDB) stands high.

Janaki Kuruppu

The RDB has focused on a more proactive, performance oriented futuristic modern approach understanding the needs of clients. The credit and recovery growth of the RDB is commendable, RDB Chairperson Janaki Kuruppu told Daily News Business.

"We are ready to move forward this year providing support to the MSME ( Micro, Small and Medium Enterprise) sector to create more entrepreneurs. The RDB will position to fill the gap between the financial services provided and needs of borrowers. The thinking is changing in doing business and this mindset needs to be used in developing the country," she said.

A consultancy arm will be set up shortly to provide assistance for emerging MSMEs. This service will look into customer's financial status and nature of the business in helping them. The RDB will be flexible as much as possible with regard to collateral when assisting the new ventures. We need to be prudent and take a balanced view to go forward," she said.

On completion of eight months of operations after amalgamation of six RDBs,the Bank took on an expanded role as the specialized bank for rural development by providing financial services to farmers, fishermen, community enterprises and dairy farming communities, Government and private sector employees including mobilizing deposits and providing counselling services.

RDB Bank has the largest asset base valued at Rs 46 billion, largest deposit base of more than Rs 36 billion, highest profit base amounting Rs 1.3 billion before taxation among specialized development banks and continues to retain the BBB+ rating coupled to a stable outlook awarded by Fitch.

The Bank has improved credit service to needy people showing a credit outstanding at Rs 37 billion as at November 30, 2010 recording a 27 percent growth far above the national level recognizing the Mahinda Chinthana concept of "access to credit as a basic need."

 

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