NSB program to benefit Lankan migrant workers

by L.S.A. Wedaarachchi

The National Savings Bank (NSB) has implemented a program for the welfare of Sri Lankan migrant workers. To facilitate their remittances to Sri Lanka the NSB signed agreements with leading banks in the Middle East, Europe and Italy.

In Sri Lanka NSB tied up with ICICI Bank, India's second largest bank to offer money transfer services to Sri Lankan migrants. Through this strategic partnership ICICI Bank provides easier and more convenient facilities to Sri Lankans worldwide.

NSB General Manager S.H. Piyasiri said that the bank's NRFC is now well established and approximately 2,200 new NRFC accounts Ranmasu and Rata Ithuru totalling US$ 3.1 million and Euros 0.7 million were mobilised last year.

NSB which has 15.1 million account holders and 4.440 service points, provides a unique service that no other financial institution can surpass. "It was only recently that we unlocked this huge potential. We have responded to local and global trends and are in the process of creating a modern customer driven and socially responsible financial institution," he said.

NSB expects to install ATMs throughout the country and 40 units have already been installed in selected towns. Under the scheme of own building premises NSB constructed their own buildings in Battaramulla, Naththandiya, Weligama, Mahiyanganaya, Ambalantota, Dambulla, Vauniya, Wellawatte and Kotahena.

According to the GM, NSB took the initiative to change itself from a traditional bank into a modern customer oriented retail bank last year.

The NSB's special responsibility is its housing loan product. The Bank's lending policies continue to ensure that the housing rights of all Sri Lankans are progressively realised.

NSB relaunched its housing loan scheme under the name Mihindu Sevana last year, with the most attractive rates for customers. A special scheme was designed for the low income earning segment and only the interest is recovered for the first five years under this scheme. Rs. 2.4 billion was provided at concessionary rates to public sector employees for housing finance.

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