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| Sunday, 17 March 2002 |
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| News Business Features Editorial
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RRAN loan scheme for Northern farmers, traders by DON ASOKA WIJEWARDENA The People's Bank in collaboration with the Bank of Ceylon have launched a new credit scheme for farmers and businessmen who were severely affected by the war in the Jaffna peninsula. Under this scheme, low interest loans will be granted up to Rs 5 million through the respective bank on the recommendation of the Ministry of Rehabilitation and Construction. People's Bank Deputy General Manager, Kiribanda Kumarapathirana, told 'The Sunday Observer' that this credit facility will be known as the Rehabilitation, Reconstruction Authority of the North (RRAN) loan scheme, which would be implemented shortly. It will be financed by the Ministry of Rehabilitation in two phases - I for building construction and II for business and agricultural development. The first phase, building construction, will be channelled by the Bank of Ceylon and the second, business and agricultural development, by the People's Bank. The applicants should submit authenticated documents certified by the respective district secretary and approved by the Ministry of Rehabilitation and Construction to the bank. They should also furnish movable or immovable property guaranty to the bank, which will retain 75 per cent of its value as security against the loan. People's Bank branches in the Jaffna district will expand their pawn brokering service and also develop other service centres to cater to the needs of customers. People's Bank General Manager, Derek J. Kelly, said that priority would be given to streamline customer service with a "new life" to its branches in the Jaffna peninsula, now that normalcy had been restored in the North and East. This would encourage affected farmers, fishermen and businessmen to resume their activities with the assistance of the bank. "The farmers in distress usually pawn their gold and jewellery at the beginning of Yala season and redeem them during the Maha season. A savings scheme for youth is also planned, where foreign exchange could be remitted, besides making available facilities for NRFC account holders," said the General Manager. People's Bank Senior Manager (Marketing and Public Affairs), Deepal Abyesekara, said that the bank with about 4 million customers including both big and small companies, industrialists, farmers, migrant workers and many others, would endeavour to strengthen a customer-friendly relationship by giving priority to their needs and designing products sensitive to varied demands. |
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