More liquidity from BOC to revive sagging local industries
View(s):The Bank of Ceylon (BOC), to address concerns of the government and to ensure adequate circulation of money in the market, has initiated new schemes beyond the normal banking practices, where it has given the Central Bank Rs.15.5 billion to increase liquidity in the market place.
Every year the BOC maintains a 40 percent input of foreign remittances to the country while in the month of June foreign remittances had flowed into the country despite the COVID-19 pandemic. “We have done a significant amount of work in moving the economy in the right direction,” said BOC Chairman Kanchana Ratwatte at the 81st anniversary of the Bank of Ceylon held at the BOC Headquarters at Colombo Fort on Monday.
Prof. W.D. Lakshman, Governor of the Central Bank, was the chief guest on the occasion.
Mr. Ratwatte said the 80th year (2019) was the most challenging year for the BOC following the aftermath of the Easter Sunday bombing attack that plunged country into an unprecedented crisis which then followed the COVID-19 pandemic. However the entire staff of the BOC made a great sacrifice and worked together to provide a service to its customers although it was never highlighted in the media.
It was during this period when public transport was less for the bank staff to get to their work places but nevertheless banks remained opened to keep the country moving.
Every employee from the lowest category to the Acting General Manager, the Deputy General Manager and the trade unions helped to keep the banks opened. ”We have spoken to people at all levels to come to the bank and start their normal business practices as commerce will get back to their base shortly,” he said.
Acting BOC General Manager D.P.K. Gunasekera said the BOC which commenced operations during the early years on manual systems has evolved today into a fully-fledged, modern digital banking system. The BOC opened its 647th branch at Kandeketiya in the Badulla district recently.
The focus of the bank is to revive local enterprises that have stalled for some time. The bank will take steps to promote digital technology among its customers owing to the COVID-19 pandemic affecting the country. Along with the Central Bank, the BOC will introduce new schemes to promote economic development in the country. The new schemes initiated by the bank include providing credit to husbandry and the agricultural industries in rural area. BOC has many accolades to its credit winning prestigious local awards, he added.
(JJ)