BANKING

Economic Review presented to President

'Economic Review' the respected semi-academic economic journal published by the People's Bank since 1975, released a special issue of its bi-monthly publication to coincide with the bank's 50th Anniversary recently.

The 'first copy' of the English, Sinhala and Tamil version of the journal was ceremonially presented to President Mahinda Rajapaksa by K. U. Pushpakumara, Director Research, People's Bank at the Golden Jubilee Commemorative event held at the Temple Trees recently.

The special Golden Jubilee issue of Economic Review published under the theme, 'Banking Industry - some aspects of current importance' reviews a wide spectrum of subject areas covering banking and finance and its impact on the socio-economic landscape of the country.

This special issue provides useful insights into sensitive and topical research and educational subject matter with contributions from leading economists, analysts and scholars featuring topics such as Fiscal devolution, Microfinance and commercial banking, Electronic banking, Financial crisis and their lessons, Development of banking law in Sri Lanka, Banking services in post-conflict development of the North and East of Sri Lanka, The role of state banks in the Sri Lanka economy plus a range of articles covering timely and pertinent topics relating to Sri Lanka's banking and financial services industry.

Sampath Bank launches Express Cheque

.Sampath Bank became the first South Asian bank to introduce online real-time cheque deposit ATMs, when it installed machines in four cities in the island. Two of the most important features of the new Sampath Express Cheque facility are that customers can deposit cheques without envelops or deposit slips and have the transactions and cheques validated at the time of deposit .

With the installation of these machines, customers can deposit cheques at any time of the day, and any day of the year. The Bank ensures customer confidence in the new service by issuing a receipt with the image of the cheque at the time of deposit. Furthermore, invalid cheques and photocopies are recognized and rejected by the machine when deposited. The new system in unique because the cheques are scanned at the time of deposit and the images are immediately made ready for processing, reducing the processing time and enhancing the service provided to the customer.

The Sampath Express Cheque facility gives customers the advantage of faster deposits, detailed proof of deposits, convenience of making deposits without waiting in queues and increased acceptance time, since cheques collected until 3.30 pm through the ATM are sent for clearing on the same day. All Sampath Bank account holders who have a Sampath ATM card can avail themselves of this unique and efficient service through the machines installed at the gate and lobby of the Sampath Bank head quarters as well as the branches in Kandy, Piliyandala and Maharagama.

Nations Trust Bank expands in Anuradhapura

Nations Trust Bank opened their 43rd branch in the heritage rich city of Anuradhapura bringing banking expertise to the North Central Province demonstrating the Bank's continued commitment and confidence as a key player in the financial services industry.

Nations Trust Bank being in operation for the past 11 years has grown into a force to be reckoned with offering a range of diverse products and services whose market presence keeps continuously growing in a number of geographies across the country.

The town of Anuradhapura has today transformed into a business hub and Nations Trust Bank will now connect with the people of Anuradhapura through an online banking network that's offering a wide range of products and services.

NTB's 43rd branch in Anuradhapura was declared opened in the presence of distinguished invitees. Commenting on the opening of the 43rd branch Deputy CEO, Renuka Fernando said. "We are delighted to be bringing our own special brand of banking from Nations Trust to the people and business community of Anuradhapura, where we are poised to offer them 365 day banking, exceptional customer care, innovative products and flexible and convenient financial solutions," he said.

Nations Trust Bank has performed creditably during the last quarter, posting good growth in our core revenue streams and we are convinced that the products and services we roll out to these new geographies and market segments will provide a lucrative landscape for the growth of the bank."

The new branch is based on the banks standard design concepts and is conveniently situated at, Maithreepala Senanayake Mawatha, Anuradhapura offering the ultimate in international banking standards with unprecedented customer service.Being true to the bank's vision of "Making life simple by being the benchmark of convenience".

DFCC Vardhana relocates Katugasthota Branch

DFCC Vardhana Bank (DVB), the everyday banking unit of DFCC Bank - upgraded its Katugasthota extension office to a fully-fledged branch and relocated it at Kurunegala Road, Katugasthota with the aim of ameliorating the services provided to its customers.

The new branch was opened by Lakshman Silva, CEO of DFCC Vardhana Bank. Top officials from DFCC Bank and DFCC Vardhana Bank were present at the opening.

Customers can avail the benefit of a wide range of products and services including demand and savings deposits, fixed deposits, foreign currency deposits, personal loans for housing and higher education, gold-pledge loans and remittance services through DVB's new Katugasthota branch.

DFCC Vardhana Bank, rated "AA- (lka)" by Fitch Ratings has 124 branches and service centres spread out across the island. DFCC Vardhana Bank has 124 branches and extension offices; and also includes 75 units across the Sri Lanka Post network.

DVB's customers at all branches have access to a full range of commercial and personal banking services, including Current Accounts, Savings Accounts, Fixed Deposits, Foreign Currency Accounts and trade related finances.

Credit, tax relief from Sampath

Senior government officials holding or are eligible for vehicle permits are offered a special credit relief package by Sampath Bank.

This offer comes in the form of a vehicle loan facility on an attractive interest rate with the repayment period up to five years and a 15 percent off on commission fee on opening Letters of Credit.

The bank will ensure to have the LC being e-mailed and copies of same being delivered to the customer in quick time and the flexible banking hours will help the customers to work out the transactions at their own convenience. Best exchange rates are applied at the time of retiring bills, depending on the value of the LC.

Understandably the credit-worthiness of the customer is assessed by the bank prior to providing the credit facility.

Once the assessment is completed to the satisfaction of bank officials, the credit facility is processed at the shortest time when you need it most.

This facility is available at all Sampath Bank branches, islandwide.