Biz Briefs

DFCC Bank ushers in new banking era

DFCC Bank has been incorporated under the Companies Act as a public limited company listed on the Colombo Stock Exchange under the name 'DFCC Bank PLC' following the enactment of the DFCC Bank (Repeal and Consequential Provisions) Act No. 39 of 2014.

While this came into effect on January 6, the Bank continues its operations as a licensed specialised bank without any interruption.

People's Bank launches remittance scheme

People's Instant Remit, a foreign currency transfer service offered by the People's Bank reflects the commitment of the State-run bank towards the welfare of Sri Lanka's migrant workers.

An important feature of People's Instant Remit is that the remitter overseas and the beneficiary in Sri Lanka are immediately notified via SMS that the money has been send and has been received by the Bank.

Today, there are close to two million Sri Lankans working abroad. In 2013, migrant workers contributed US$ 6.4 billion in remittances, which accounts for over a third of Sri Lanka's foreign earnings, 9.5 percent of the Gross Domestic Production (GDP), and over 3.5 months'worth of goods and services imports.

ComBank signs collective agreements

The Commercial Bank of Ceylon PLC has entered into two Collective Agreements effective for three years, with the Ceylon Bank Employees Union (CBEU) covering the union's Non-Executive staff and Junior Executive Assistants.

A Memorandum of Understanding was also signed covering the Junior Executive Officers of the Bank. These Agreements are revisions of the 2012 Agreements which lapsed on December 31, 2014, Bank sources said. The new agreements came into force on January 1.