Sarvodaya launches Deshodaya finance company

Deshodaya Development Finance Company Limited, (DDFC) a brainchild of the Sarvodaya Trust was launched recently making it the latest entrant to the financial services sector in the country.

Based on the philoshopy of Sarvodaya which accounts for 55 years of social and community service, the DDFC which encompasses the focus of Sarvodaya Sansadaya, will have 30 fully fledged branches and 32 extension offices covering the entire country.

The organisation will be a role model depicting good governance and transparency, DDFC Chairman Dr. Vinya Ariyaratne said.Sarvodaya has 3,000 societies islandwide with a membership of over 800,000. With a deposit and loan base of Rs 5.4 billion, it will play a dominant role in fulfilling the financial needs of its members and customers.

As a company, DDFC understands the hardships of the people who strive to succeed through sheer hard work and determination.

It has chosen to adopt a philosophy firmly rooted in Buddhist teaching that envisions a sustainable future for all Sri Lankans, he said.

The company's diverse portfolio of financial products include savings, fixed deposits, housing loans, microfinance, project finance and term loans. With a focus on uplifting the living standards of the people who find it difficult to access banking facilities, the core business approach of DDFC will be on the agriculture sector.The company asset base exceeding Rs 8 b will enable it to mobilise the necessary funds.The founder of the Sarvodaya Movement, Dr. A,T. Ariyaratne made the first deposit to mark the opening of DDFC.

- SJ