CB hands over Pramuka to Sri Lanka Savings Bank

SRI LANKA Savings Bank Ltd will take over the business of the Pramuka Bank in terms of a policy decision, the Central Bank said yesterday.

According to new provisions of the Banking Act, the Monetary Board of the Central Bank has two functions to fulfill i.e., issuing the order for vesting of the business of Pramuka Bank in the state bank and formulation of a scheme for meeting the claims and demands of creditors and depositors on liabilities of Pramuka Bank by the new state bank.

The Monetary Board has now accomplished those tasks the Central Bank said.

The public and customers of the Pramuka Bank are informed that Sri Lanka Savings Bank Ltd. will lawfully own and manage all assets of Pramuka Bank and take all action to recover any dues.

The Bank will settle the liabilities of Pramuka Bank to depositors and creditors according to the scheme which will be made known to the public shortly.

The Sri Lanka Savings Bank Ltd. is located at 110, D. S. Senanayake Mawatha, Colombo 8.