Sri Lanka to open up banking system, enhance trade liberalisation
Sri Lanka will open up the banking system and further liberalise trade while going in for offshore financing as there is no other way, said Prime Minister Ranil Wickremesinghe last week.
Speaking at the launch in Colombo of new vistas in digital banking in Sri Lanka, the PM said those who oppose market economy and liberalisation of trade had political reasons to do so for grabbing votes.
While banking has become possible for the youth and others in rural areas, the government was pursuing a policy where pressure will be exerted on state and private banks to ensure that they cast a wider net to provide credit to those in rural areas, the Premier told the audience.
Manipal Technologies Ltd, one of India’s largest service provider for print, cards, technology and digital solutions, and Lake House Printers and Publishers have joined up to offer new digital banking solutions. The Indian High Commissioner in Sri Lanka, Taranjit Singh Sandhu was also present on the occasion.
Mr. Wickremesinghe said that he has discussed with IMF and World Bank officials who were in Colombo about innovative proposals coming from youths in rural areas to generate income.
Digital technology has made it possible for trillions of dollars to be moved away each day, revolutionising the banking industry and bringing banking to millions of billions of people in the world.
The Prime Minister said he was reminded of the day when he opened his first bank account at the Bank of Ceylon City Office Branch, Colombo in 1972 and said he was welcomed there as another third generation customer. He congratulated the Manipal Technologies Ltd for bringing digital banking technology to Sri Lanka.
Manipal Technologies Ltd CEO Abhaya Gupta, Central Bank Governor, Indrajit Coomaraswamy, Chairman of the Lake House Printers and Publishers PLC, Ranjith S. Wijewardena, Deputy Chairman of Lake House Printers and Publishers PLC, Sujan Wijewardene and Deputy General Manager of Lake House Printers and Publishers PLC, Tony Johnpillai were among those present.