“QR to Kandy” by National Savings Bank

Business

The Central Bank of Sri Lanka (CB), the driving force of the country’s financial sector, has declared the year 2020 as the Year of Digital Transactions and often strives to come out with digital solutions for financial transactions in compliance with the international standards and incorporate new technology in to the same in a timely manner.

“National Savings Bank (NSB), which stands tall among the giants of the financial sector with 20.9 million accounts, an asset base surpassing Rs. 1 trillion and a deposit base which exceeds Rs. 1 trillion, always kept the new technology at the forefront and provides safe internet banking services as per the global standards and the guidelines of the Central Bank of Sri Lanka. Accordingly, our core banking system will go live in near future and a smart application will also be introduced,” NSB said in a media release.

With such measures in place, NSB has joined hands with the national programme of promoting QR in urban as well as rural areas. The promotional programmes held under this in several districts has clearly contributed to popularize QR among the people. The number of customers who get registered with the QR system and the number of transactions carried out through the QR System is on increase daily. Further, small and medium scale business persons who transact through current accounts are directing their income to their savings accounts through QR Codes. During the COVID-19 pandemic, using QR Codes became essential more than ever as a measure of minimizing the usage of notes and coins, where the virus can remain for hours. Therefore, persuading people to use QR can be identified as a corporate as well as a national responsibility, NSB said.

The NSB recently took the initiative in organising the Kandy District QR Promotional Programme, “QR to Kandy” (“Nuwarata QR”). In parallel to this programme, best customers of the bank in the Kandy region were also felicitated.

While the new inventions of the financial sector and new technological usages are popular among urban and young segments of the society, further assistance and guidance of the Ministry of Finance and CB is required to popularize this tendency among the rural segments as well. Prof. W D Lakshman, Governor of the Central Bank of Sri Lanka has projected that the economic growth of the country will increase from 5% to 6% during the year 2021 and accordingly, NSB believes everyone should ensure their maximum contribution to revitalize the agricultural and service production process during 2021 and the development of QR as the national digital payment solution would support this course immensely.