Samurdhi banking system and societies subject to government audit
The Government has initiated preliminary action to regularise the samurdhi banking system by taking a cabinet decision to bring samurdhi community-based banks and community-based banking societies under a state audit.
The Business Times exclusively reported on April 28 that this banking system will be regularised making it difficult for corrupt officials and politicians to pilfer money from the compulsory savings of poor recipients.
It will be upgraded to guarantee transparency and independence by implementing a credible and a practical empowerment plan to bring it under the purview of the Central Bank.
The Samurdhi Bank has assets worth Rs.400 billion including the deposits of samurdhi recipients (compulsory savings) which were invested in banks and government securities.
There are currently 1,092 samurdhi “banks” (branches) in Sri Lanka but they are not formally recognised as banks as they do not fall under the preview of the Central Bank.
Many incidents of stealing money from these banks with the connivance of its managers and samurdhi development officers under the guise of poor relief programmes have been reported in the recent past
Cabinet spokesman minister Bandula Gunawardena said on Tuesday that these banks and societies are audited annually by the Internal Audit Division of the Samurdhi Development Department as per the provisions of the Samurdhi Act, Gunawardena said.
The Cabinet of Ministers approved the proposal to amend the Samurdhi Act No.1 of 2013 as amended by Divineguma (Amendment) Act No. 2 of 2017 and to advise the Legal Draftsman to prepare the respective bill for this purpose.
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