Banking
NDB supports the Coin Collection initiative of the Central Bank
View(s):The Central Bank of Sri Lanka (CBSL) launched a special programme today, to collect idle coins from school children, religious places and the general public with the aim of issuing them back into circulation in an appropriate manner. The island wide programme was ceremoniously launched at the NDB branch in Ja-ela last week, with the participation of the Governor of CBSL, Mr.AjithNivardCabraal as the chief guest. The coin collection programme which will be backed by a strong media campaign is scheduled to be extended to 225 locations in seven districts within the next 25 days.
CBSL Governor Ajith Nivard Cabraal accepting the coin tills
The CBSL is reported to mint over 100 million coins to the banking sector annually at an approximate cost between Rs.800Mn to Rs. 1Bn, involving a substantial amount of foreign exchange as well. Having observed that a fair amount of such currency coins issued by CBSL are lying idle at various places such as households, in charity boxes at religious places and savings tills etc; the CBSL has initiated this programme in a bid to bring these idle coins back in to circulation.
In addition to making arrangements for the ceremonious launch, NDB branches in Ja-ela and Wattala will facilitate the endeavour by serving as a collection point for the area; where CBSL officers will operate a coin collection desk accepting coins and paying its value to the contributors.
Commenting on NDB’s involvement of the initiative Chief Operating Officer of NDB, Mr.IndrajitWickramasinghe said “considering the significance of this effort to the national economy, we are glad to support the Central Bank in this endeavour. It’s been revealed that such streamlining of the circulation of coins will result in substantial savings for the country by reducing the amount of coins minted. As a bank dedicated for national development we believe it is our duty and obligation to support this initiative which is of great national importance”.
NDB is one of the fastest growing banks in the country with NDB Group having regional operations in Maldives and Bangladesh. The Bank offers a wide range of commercial banking services through its growing island-wide branch network, catering to an increasing customer base from all walks of life.
Through the combined synergies of the diverse constituents of the NDB Group, its customers have access to a full range of banking and financial services; including project finance, corporate banking, SME lending, retail banking, investment banking, stock brokering, wealth management and insurance solutions making NDB a truly Universal Bank.
Follow @timesonlinelk
comments powered by Disqus