Peoples Bank promotes current accounts

People’s Bank launched a scheme to promote current accounts for the first time in its history. Under this scheme people who maintain a balance of Rs 50,000 during a quarter will be eligible for a draw from which the winners will be selected.

The bank which is celebrating its golden jubilee has launched many CSR projects which includes the complete renovation of the Buttala hospital at a cost of Rs 20 mln, construction of 50 houses at a cost of Rs 53 mln at Mannar, issuing of a commemorative coin and a stamp as well as the issue of an anniversary volume, said the GM and CEO H.S. Dharmasiri. A part of the cost of construction will be borne by the staff while the people who will own the houses will be selected by the government.

He said that the bank will link its 680 branches and service centers and go online by end of March.The bank will initiate a NRFC drive next month to increase NRFC deposits. He said that to increase deposit mobilisation the bank will launch a program where the grand prizes will be three houses worth Rs 10 mln, Rs 7.5 mln and Rs 5 mln. In addition there will be many consolation prizes.

The bank has instructed all its branches islandwide to give a minimum of 50 micro finance loans for self-employment projects with the aim of doubling the value of development lending. The loans will be given on relaxed security. Dharmasiri said that this is done to support the government’s plan of reaching $ 4000 per capita income by 2016. The bank is also constructing a 12 storey building at Borella which will be named the Golden Jubilee branch, which will offer customers retail as well as priority banking for its corporate customers.

A hostel is being constructed for bank employees and it will be opened next month. This move will help staffers who come to Colombo from the outstations for training or medical treatment.The main aim of the Peoples Bank is to be the best bank by the end of this year. –SG

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[SISU UDANA]

The main aim of the Sisu Udana Savings scheme is to inculcate the habit of savings among children. Aptly named First Day First Lesson, every child who is admitted to Grade one of any school can open an account. The bank will deposit a similar amount of money deposited by the parent. The higher limit of the bank’s contribution is Rs 500 per child.

The bank has also launched a gift scheme based on the balance of the account. Every year 325,000 children are admitted to Grade one and the bank opens over 300,000 Sisu Udana accounts. A parent can open a Sisu Udana account until March 31 on behalf of a child admitted to Grade one of any school. Some schools even operate Sisu Udana banking units which are headed by the bank’s staff while all the other work is handled by the students giving them a practical knowledge of banking activities.

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