NSB aims at being best financial institution by 2012
The National Savings Bank (NSB) has set a goal to transform itself to
being the best managed, best administered, most profitable and the most
respected financial institution by 2012 - the year when the bank
celebrates its 40th anniversary.
Chairman Pradeep Kariyawasam said that with this goal in mind,
strategic plans have been initiated, which includes a corporate
advertising campaign with the objective of enhancing the image of the
Bank and reminding all citizens of the importance and urgency of
savings, the benefit of savings and most important, how they could be
stakeholders in the development of the country.
A giant savings till approximately 11 ft in height and 8 ft in width
was unveiled by President Mahinda Rajapaksa in September 2010. The till
has been 'travelling' the country with the objective of consolidating
the message of the advertising campaign. Kariyawasam said that even
though, initially they expected the journey to be completed by the end
of this year, there is every likelihood that the till will 'travel' even
Agreement with Sri Lanka
Post NSB has entered into an exclusive arrangement with Sri Lanka
Post which gives the bank the ability to use their network of 641 Main
Post Offices and almost 3,500 Sub Post Offices as service outlets
supplementing the islandwide branch network. A project has been
undertaken with Sri Lanka Post to introduce an interest bearing joint
savings product and also to introduce a Small and Medium Enterprise loan
The arrangement will provide NSB exclusive rights to market this
special savings scheme as well as foreign remittances of Sri Lankan
migrant workers, through the wide-reaching postal network. From the
point of view of Sri Lanka Post, this project seeks to uplift their
overall standards and thereby increase their efficiency and productivity
by means of equipping post offices and sub post offices with computers
and the required peripherals.
Upgrading their IT infrastructure will not only enhance the delivery
of postal products and services but also the services related to NSB
products. Under this project, the postal system will be enhanced to be
more productive. Computerisation of main post offices was completed by
October 2010 and computerisation of sub post offices will be undertaken
in three phases. It began in January.
We will install, commission, test and handover 1,000 sub post offices
every year and by the end of 2013, NSB hopes to complete computerisation
of all Sub Post Offices in the island. The entire capital expenditure
incurred towards this project exceeding Rs. 570 million, would be borne
This will be an ongoing project as we will also undertake to maintain
post offices and sub post offices on a periodic basis, as and when the
Kariyawasam said that the Bank will have unlimited access to the
postal network and thereby have access to the furthermost corners of Sri
True to its objective i.e. to increase savings, especially among the
rural and the low income segments, this strategic alliance with Sri
Lanka Post will enable the Bank to reach the remotest areas and increase
the domestic savings ratio from the current 17-18 percent to the much
desired 25-26 percent. The NSB would enhance its contribution to the
national economy as expected by the Government when it was established
38 years ago.
The strategic alliance will serve to build entrepreneurship on an
islandwide scale through cash circulation stimulated by the SME loan
"The NSB is confident that through this venture, we can make a very
strong contribution to the Government's effort to increase the per
capita income from the current US $ 2,000 to US $ 4,000 by 2015 , and
also play a key pivotal role to provide the impetus, to be a driving
force in the Mahinda Chinthana policy statement to create the platform
in developing 500,000 village based entrepreneurs.
The bank is on a mission to enhance its foreign remittance base
capitalising on its status as the only state bank whose deposits are
fully guaranteed and protected by the Government, at a time when
scandals and rackets concerning unsafe passage of hard-earned
remittances are rife. .
The NSB guarantees security to its customers. Whichever part of the
world migrant workers are stationed or wherever the beneficiaries live,
NSB ensures safe and complete delivery of inward remittances.
With its unprecedented penetration into the country and its
unrestricted access to the postal network, the Bank is armed with the
best logistics to facilitate money transfer services to the migrant
worker population, over 60 percent of whom are based in the Middle East.
Foreign remittances are a main focus in the Bank's future planning.
Having tapped into almost all segments of markets in the country, it
has realised the need for looking beyond the local market which is
almost saturated and finding new markets preferably outside the country.
While consolidating the arrangements entered into by the bank with
various exchange houses, the Bank was able to sign up with top exchange
houses in Kuwait, Lebanon, Jordan and Cyprus and Saudi Arabia.
The globally recognised international financial network MoneyGram is
also among its links. Being the only bank with 100 percent Government
guarantee and protection, which bespeaks safety and security and the
Bank's far reaching network backed by the postal outfit, makes NSB
appealing to both remitters and remitting agencies.
NSB continues its partnership with Eurogiro an exclusive Sri Lanka
member and Eurogiro has promised to give publicity to the project
Being a service organisation, the Bank considers its employees as the
key success factor in rendering service to its customers.
Therefore, training and upgrading skills of employees is given
priority. It is of paramount importance that the Bank's human resources
are content and ensured of congenial working conditions so that they are
As a socially conscious and responsible fully-fledged state bank, NSB
helps in the upgrading of education by sponsoring workshops for the
Grade 5 Scholarship examination, sponsoring scholarships to Year 5
scholarship recipients and GCE (O/L) aspirants and introducing loan
schemes for students and teachers.
The Bank also empowers school children and exposes them to financial
management from an early stage through setting up of school banks.
On its way to being the best financial institution in Sri Lanka in
2012, with an islandwide reach of nearly 4,500 service points and over
16 million account holders, NSB prides itself as being Sri Lanka's
pioneer and premier savings bank.