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| Sunday, 16 January 2005 |
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| News Business Features Editorial
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RDB recommences business by L. S. A. Wedaarachchi. The Ruhuna Development Bank which was severely damaged in the tsunami disaster, recommenced business activities and welfare programs last Tuesday. Almost all the clients as well as the buildings, furniture and the banking records were victims of the disaster. According to the General Manager, RDB D. G. Wimalaratna, the paramount duty of the Bank at this decisive hour is to rebuild the affected areas. Galle, Matara and Hambantota District Banks are a top priority. "In the whole fabric of the history of Ruhuna a golden thread runs through and that is defiance in defeat shown by the Southerners. Even in this hour of unprecedented grief the Southerners will emerge victorious, the GM of Ruhuna Development Bank said. Explaining the enormous damages caused to the Bank and its clients, he said that the Kamburugamuwa, Galle and Hambantota branches and the head office were severely damaged. The Kamburugamuwa branch was washed away with the furniture, banking documents and safe with money. The Galle branch was under ten feet of water. Kamburugamuwa branch was shifted to the head office tentatively and RDB with all the branches is now in operation, he said. "During the last few years, the RDB backed all the social and economic activities in Galle, Matara and Hambantota Districts. The total value of the loans granted to projects such as Housing, Tourism and Industrial is (Rs. 2700) million of which one third - Rs. 900m worth of loans are given to coastal projects. Almost all the projects had been destroyed and most of the clients had lost their houses. Under the present circumstances neither the client, guarantor nor the project is in safe hands, he said. However, to rebuild the whole set up, the RDB has decided to take immediate measures. Accordingly (Rs. 5000) emergency interest-free loan over the counter on personal guarantee can be obtained for clients to recover day-to-day requirements. The RDB has decided to grant (Rs. 500,000) housing loans to rebuild houses for its clients. The repayment of their previous housing loans will be frozen for a period of two years. Bearing in mind the utmost importance of rebuilding the South, the RDB has already discussed with the Asian Development Bank (ADB) to obtain (Rs. 1000 million) as a soft loan, and with the Central Bank to obtain a (Rs. 100 million) loan at 1.5% interest. One of the senior managers, and twenty two close relatives of Bank employees of the RDB lost their lives in the tsunami. Eighteen employees are stranded with their houses washed away. Interest-free loans of (Rs. 50,000/-) were granted to them by the RDB. Meanwhile, ten days' salary was donated to the victims funded by all the employees of the RDB. Further the RDB has decided to construct 300 houses in Galle, Matara and Hambantota for the homeless victims of the disaster. |
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