Seylan - first private bank to open in Mullaitivu

by Gamini WARUSHAMANA in Mullaitivu

Seylan Bank opened its 97th branch in Mullaitivu on Wednesday to become the first private bank to operate in Mullaitivu after the end of the war on terrorism. The makeshift bank branch was opened in a container (TEU) in the Mullaitivu town where a few buildings and shops have been constructed after total destruction at the final phase of the war.

Chairman of the bank Eastman Narangoda said that people in Mullaitivu District are undergoing difficulties and are struggling to achieve the common goal of development.

The Uturu Wasanthaya initiative of the government and other programs launched by the Central Bank will change the situation in the district and people in Mullaitivu District too will soon enjoy the fruits of development.

The objective of Seylan Bank's presence here is to accelerate development programs in the area. Mullaitivu District is fast recovering as displaced people are returning and economic activities are resuming.

Especially agriculture and fishing industries in the district are improving fast.

"Our products and services which we took to the North and East in the last two years can now be utilised by the people of Mullaitivu. We want to be a partner of your lives by helping you to make your aspirations a reality. We have a common path to prosperity and development," Narangoda said.

Narangoda commended the support extended by the Governor of the Central Bank Ajith Nivard Cabraal who is always supportive in Seylan Bank's endeavours. Cabraal was scheduled to be chief guest at the opening but cancelled his visit due to bad weather in Colombo.

Seylan Bank offers credit for the fisheries industry under the Uthuru Wasanthaya initiative at a concessionary interest rate of 9 percent. Rates on other loan products are higher and depend on collateral, said Area Manager of the Bank (North and North Central) W. Sivabaran.

"We were with these people during the most difficult times of their lives when they were in IDP camps. Seylan was the first private bank to offer services for IDPs in the Menik Farm IDP camp by opening a service counter. Therefore they are our customers who have been dealing with us from the days they were in IDP camps and now they are returning to their origins and we are opening branches in the North and East.

We have been in Vavuniya since 1995, Jaffna since 2003. We started our branches in Kilinochchi and Mannar in 2010," he said.

The branch is targeting agriculture, fisheries and pawning markets as well as a large number of security forces personnel working in the area. Seylan is the third commercial bank branch to open in Mullaitivu.

"Mullaitivu - the most devastated district in the final phase of the war against LTTE terrorists and where the last battle was fought, is lagging behind in development when compared to other districts in the conflict affected North and East. It is returning to normal slowly but steadily.

Arrival of banks to the District will help to accelerate recovery," Additional District Secretary, Mullaitivu District C.A. Mohanras told the Sunday Observer.