Amunugama wants banks to encourage saving

Saving money has become a dire necessity for the country, Senior Minister for International Monetary Co-operation and Deputy Minister of Finance and Planning Sarath Amunugama said.

Speaking at the opening of a new National Savings Bank, the Delthota branch in Kandy, the minister said the growth of the tea industry became Sri Lanka’s largest export commodity due to facilities offered by the banking sector.

He said a strong banking system is crucial for the economic development of a country and that the bankers have a key responsibility in enhancing economic growth. The minister said the global world banking sector has been maintained on the trust of its customers.

“Attractive interest rates are the the key mechanism to reward customers,” Dr Amunugama said. He said banks should encourage thriftiness and more savings.

Minister Amunugama said mechanisms in place to attract savings are not satisfactory. “When granting loan facilities, the terms should be flexible and customer-friendly. The importance of saving and securing one’ s future through financial planning becomes the inner core on which lives revolve and is of utmost important to lead a quality life,” he said.