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Ru-Bank Plus to mark centenary of Co-op Movement

by L. S. A. Wedaarachchi

The Sri Lanka Co-operative Rural Bank Federation has introduced "Ru-Bank Plus", a new savings scheme to mark the centenary of the Co-operative Movement in Sri Lanka.

The Ru-Bank Plus savings certificate offers an attractive interest rate of thirteen per cent for four years or more. Interest rates vary from 11% to 13% based on the period of savings.

The Sri Lanka Co-operative Rural Bank Federation, the financial arm of the Co-operative Movement in Sri Lanka commenced operations forty-two years ago. The head office is in Colombo and 1,710 rural bank branches operate islandwide including the North and East.

The Chairman of the Sri Lanka Co-operative Rural Bank Federation S. A. Wickramapala said that the aim of the Ru-Bank Plus savings scheme is to attract customers to the Co-operative rural bank sector and use the funds collected from rural areas to develop the rural sector through the bank's branches. It is expected to collect one thousand million rupees under the Ru-Bank Plus savings scheme.

"It is essential to join the national effort for development and self-reliance. Our own resources including human resource have not been exploited properly and we are still awaiting assistance from outsources. As a mass movement - the Co-operative sector in Sri Lanka during its past one hundred years achieved remarkable progress. The Rural Bank sector itself motivated people in rural areas to promote the savings habit and rural bank savings exceed Rs. 21 billion to-date, he said.

Co-operative members and societies are being looked after for their day -to-day financial requirements and development projects by rural banks. It is expected to finance viable rural projects submitted by members in the near future by rural bank federation.

The apex body of the Co-operative Movement in Sri Lanka the National Co-operative Council (NCC) is organising the centenary celebrations. According to a spokesman for the NCC a five-day international workshop and national Co-operative rally will be held in Colombo.

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