98 percent loan repayment rate:

BoC operations in North successful

The Bank of Ceylon’s financial support has accelerated recovery in the North and the Bank’s operation in the North is extremely successful, with a 98 percent loan repayment rate. The Assistant General Manager (North) of the BoC K.E.D. Sumanasiri told the Sunday Observer.

With the end of terrorism in May 2009. The BoC was the first bank which went to the North. the BoC opened its first mobile unit at the Menik Farm IDP camp on the instructions of chairman Gamini Wickramasinghe.

When resettlement began the first government office was opened in Killinochchi and a BoC branch was also opened. We helped the resettlement process and over 90 percent of the resettled people have BoC accounts. The funds were transferred through the BoC, Sumanasiri said.

The bank has successfully brought the community in the North and the East to the formal commercial banking stream by providing access to funding, safekeeping of valuables and facilitating entry for entrepreneurship activities.

Today the BoC has opened 17 branches, 23 extension offices and 21 ATMs in the Northern province and has planned 10 extension offices this year. In the North and the East, the bank has launched more than 100 service points and committing to extend over Rs.17 billion.

The Chairman and General Manager of BoC instructed us to launch development lending programs to support the government’s development programs in the rehabilitation of the region.

As a state bank we have to lead and initiate some challenging business operations to support government programs. With long experience in the business the BoC knew that these initiatives would be successful and our entry will encourage other banks and financial institutions to enter these regions.

Our lending programs aim at poverty reduction through livelihood improvement, agriculture, fisheries, sanitary and housing, he said.

There are several customers in the North. Some are still in IDP camps and others have returned to their original places and started livelihood programs. Business people, public servants and remittance receivers from Colombo and abroad are among them. The courage of the people in the North is immense and they engage in all forms of income generating activities and are doing them successfully.

Agriculture and the fisheries sector progress is impressive. Especially our agriculture lending programs in Achuveli, Neliadi Chavakacheri and Wadamarachchi have made massive developments in these areas. Under the instructions of Chairman Gamini Wickramasinghe BoC started organic farming programs in these areas to increase the income of farmers by producing high value products, Sumanasiri said. - GW