Sunday Observer Online
   

Home

Sunday, 8 January 2012

Untitled-1

observer
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

Cooperative Year to be celebrated on grand scale

A number of programs will be implemented this year to mark the 'Cooperative Year 2012' declared by the United Nations, said Cooperatives and Internal Trade Ministry Additional Secretary (Cooperatives) A.P.G. Kithsiri.

The cooperative network has expanded during the past few years due to the progressive policies of government, he said.

Sanasa Bank branch in the Eastern Province

The Sunday Observer interviewed Cooperative and Internal Trade Ministry Additional Secretary A.P.G. Kithsiri and Sanasa Development Bank Chairperson Samadanie Kiriwandeniya.

Excerpts of the interview:

Q: The Cooperative Movement in Sri Lanka has grown during the past few years even to compete with private sector supermarkets. How did this change take place?

A: The Cooperative network has a strong marketing network with over 6,000 marketing outlets.

The overdue loans and over drafts are a burden to the Cooperative Societies when such liabilities were written-off on a directive by President Mahinda Rajapaksa. Financial assistance to open Mini Coop Cities were provided in 2008 marking a new era of the Cooperative Movement.

Q: Could you explain the present strength of the Cooperative Movement in Sri Lanka.

A: The Cooperative Movement is a multifaceted entity that has diversified into agriculture, industry and finance. Cooperative is a devolved subject now transferred to provincial Councils. Each PC has a Cooperative Minister and a Cooperative Department. There are 13 apex Cooperative Societies within the purview of the central government.

Sanasa Development Bank Chairperson Samadanie Kiriwandeniya

Q: The SANASA thrift and Credit Cooperative Society played an important role to popularise the Cooperative concept in Sri Lanka. Your Comments?

A: SANASA audited by the Cooperative Department has set up 8,400 village and urban based Cooperative Societies.

There are also 12 companies set up for construction, infrastructure-development and finance.

The Sanasa Development Bank is one of such projects. It has over 4,200 shareholders in various parts of the Island.

The main feature of the Sanasa Development Bank is its down to earth approach to various segments of society specially the rank and file among whom self-employees, villagers, and workers. Sanasa has formulated a micro credit scheme for those who do not have access to commercial banks.

Q: The Northern and Eastern people who suffered from LTTE terrorism for 30-years to return to normal life, it was Sanasa that came forward to assist them, can you elaborate the Sanasa activities in the North and the Eastern provinces.

A: The Sanasa Cooperative Thrift Societies had a strong base in Eastern and Northern Provinces during 1970s until the rise of LTTE terrorism.

Samadanie Kiriwandeniya A.P.G. Kithsiri

We moved into the Eastern province immediately after the tsunami disaster.The Sanasa Development Bank's approach was totally different from the Commercial Banks. While the Commercial Banks were functional in the Eastern Province, Sanasa ventured into rural areas. "Our approach was simple. Now 16 Sanasa Bank branches operate in the Eastern Province.

The Sanasa Cooperative officers cater to the social and economic needs of the villagers. Micro level loans have been given to them for livelihood projects and house construction. The Kaluwanchikudi Sanasa Bank branch where over 1,000 accounts were opened within a year bears evidence to its popularity in the Eastern province.

Q: What progress has the Bank achieved in the Northern Province?

A: Four Sanasa Bank branches were set up in Kilinochchi, Tale, Jaffna and Vavuniya. Initially we felt that in the Northern province specially the Kilinochchi people were backward in their approach to banking due to terrorism. This situation has changed. The Bank's policy is to assist the people to overcome the poverty.

The Sanasa Bank has invested five times more what it had collected from the Northern and Eastern provinces. It is remarkable that the people make the best use of the Micro level loans in the contest of livelihood projects in agriculture and small-scale industries.

Q: You have already created a strong rural banking network. What will be the next step of your blueprint?

A: During the past 15 years Sanasa Development Bank fullfilled the financial needs of the rural community. Over 87 branches are in operation in rural areas today.

Essentially the next priority will be the urban market where there are constant money exchanges.

We will set up ATMs in main towns where there is a concentration of government servants, businessmen private sector employees and professionals. Non Resident Foreign Currency - (NRFC) - account scheme will be launched this year for the benefit of Sri Lankan expatriates. Co-banking activities will also be pursued to transform the Sanasa Development Bank into a fully-fledged Commercial Bank.

 

EMAIL |   PRINTABLE VIEW | FEEDBACK

ANCL TENDER for CTP PLATES
Gift delivery in Sri Lanka and USA
Kapruka Online Shopping
LANKAPUVATH - National News Agency of Sri Lanka
Telecommunications Regulatory Commission of Sri Lanka (TRCSL)
www.army.lk
www.news.lk
www.defence.lk
Donate Now | defence.lk
www.apiwenuwenapi.co.uk
 

| News | Editorial | Finance | Features | Political | Security | Sports | Spectrum | Montage | Impact | World | Obituaries | Junior | Magazine |

 
 

Produced by Lake House Copyright © 2012 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor