Banking
Bank of Ceylon honours “BOC Mithuru’ members it has empowered
View(s):Bank of Ceylon has been assisting and empowering most needed segments of society through the provision of micro finance, under the direction of the Central Bank of Sri Lanka, while engaging in many projects for the upliftment of these groups. As the pioneer in helping the advancement of such disadvantaged segments, the Bank has named this project ‘BOC Mithuru’, while making arrangements to honour its highly motivated members, whom it has empowered over the years.
The Bank of Ceylon conducted a ‘BOC Mithuru’ Felicitation Ceremony at the Auditorium of the regional office of the Central Bank of Sri Lanka in Anuradhapura on Sunday, 14th July 2013, from 8.00 am onwards. This ceremony felicitated over one thousand beneficiaries of the micro finance scheme belonging to 22 ‘Mithuru’ Development Associations from Anuradhapura and Polonnaruwa districts. After this ceremony, staff members of the Bank of Ceylon as well as the participants and well wishers proceeded to the Sri Maha Bodhi, where they engaged in religious observances to invoke blessings upon all Sri Lankans. Several dignitaries and key officials representing the Central Bank of Sri Lanka and the Bank of Ceylon participated in this occasion.
The micro finance scheme, aimed at alleviating poverty through the collaborative effort of individuals functioning as a group, was initiated during the 1980s. These ‘Clusters’ or small groups, refer to the fellowship of individuals who share and solve their hardships through dialogue and combined effort. By sharing their experiences and helping each other, members of these groups are able to uplift their lives from the cycle of poverty and debt. It is regrettable that such segments of society, who were previously under the clutches of exploitative money-lenders, have not been able to reach their expected goals in life. By coming under the guidance and assistance of the Bank of Ceylon, over one hundred thousand families, who are members of these small groups, have become gainfully employed and productive members of society.
The ‘BOC Mithuru’ project has also resulted in its members registering 160 of their Societies with the Registrar of Companies, while a further 300 such Development societies have 19,200 small groups functioning under them. There are over one hundred thousand individuals who are members of these small groups, which usually have around 5 – 8 members. Several such small groups band together and form Development Societies, through which the Bank of Ceylon is able to monitor and guide their progress.
Through the Bank of Ceylon, members of these small groups are able to obtain consistent and reliable micro financing for their commercial and industrial ventures. A noteworthy feature of such micro finance loans is the advice and guidance offered by Bank of Ceylon for the members prior to and after disbursement of the micro finance. The advice includes helping them choose ventures that are more profitable and suitable their abilities, improving commercial viability, industrial productivity, carrying out integrated marketing activity and increasing profitability, to name a few. This has resulted in many families belonging to these segments collaborating with one another for their mutual benefit and upliftment.
Through ‘BOC Mithuru’, the Bank of Ceylon has rendered a great service to society, by functioning as an “Change Agent’, transforming the lives of these small groups.
It is indeed a tremendous victory for Bank of Ceylon, for having rescued over one hundred thousand families, which were under the cruel grip of unscrupulous money lenders, and bringing them within the sphere of the formal financial sector. This has resulted in numerous poor families in rural areas realizing the benefits of dealing with the formal financial sector, knowing the proper way to undertake financial transactions and also save considerable sums of money in the process. Each small group functioning under ‘BOC Mithuru’ is required to open and maintain an account with the Bank of Ceylon.
As Sri Lanka’s leading bank, which has been ranked by ‘The Banker’ among the best 1000 banks in the world, Bank of Ceylon’s Assistant General Manager, Product & Development banking, Mr. W.A.C. Tissera said that, “We conduct five modules for members of these small groups, so that they will have a better idea about transforming their dreams into reality. We give them clear instructions about the importance of savings and the correct method of maintaining accounts. This fosters positive values and habits such as fellowship, equality, clarity, trust, focused goals and frugality. We are proud to have been able to inculcate such values among these small groups”.
Elaborating further about ‘BOC Mithuru’, Mr. Ranjith Tillekaratne, Chief Manager, Marketing Division of Bank of Ceylon said that “We have performed a great task, by bringing the activities and output of the informal sector, within the ambit of the formal sector. This has enabled this sector’s inclusion within the nation’s Gross Domestic Product.”
‘BOC Mithuru’ microfinance scheme, which was initiated by the Bank of Ceylon in the North-East of Sri Lanka since 2008, is currently being implemented throughout Sri Lanka.
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