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| Sunday, 22 September 2002 |
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| News Business Features Editorial
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CB cautions public about 'illegal finance institutions' The Central Bank (CB) last week published a caution document in the interest of the general public titled 'Institutions legally permitted to accept deposits from the public'. According to the notice, it is always advisable to make deposits or investments in legally constituted bodies such as companies with limited liability. It may be safer to invest in a public quoted company whose affairs and accounts are legally required to be published. There are many institutions which claim to be "banks", "finance companies" or "savings institutions" without even being incorporated as a public company. No firm is permitted to use the words "bank", "banker" or "banking" without the written approval of the Central Bank. The CB is the regulatory authority for banking and financial institutions in the country and a licence should be obtained from the CB to operate as a registered financial institution. Others who solicit deposits are not legally established and the depositors may run the risk of loosing their money, the CB said. The following is a list of the registered financial institutions: Licensed Commercial Banks American Express Bank, Bank of Ceylon, Citibank NA, Commercial Bank, Deutsche Bank AG, Habib Bank AG Zurich, Habib Bank Ltd., Hatton National Bank, Indian Bank, Indian Overseas Bank, Mashreq Bank psc, Muslim Commercial Bank, National Mercantile Bank, Nations Trust Bank, NDB Bank, Pan Asia Bank, People's Bank, Public Bank Berhad, Sampath Bank, Seylan Bank, Standard Chartered Bank PLC, Standard Chartered Grindlays Bank, State Bank of India, Hong Kong and Shanghai Banking Corporation and Union Bank of Colombo. Registered Finance Companies Alliance Finance Co, Arpico Finance, Asian Finance, Associated Motor Finance, Bartleet Financial Services, Central Finance Co, Central Investments and Finance, Chilaw Finance, Commercial Credit, Edirisinghe Trust Investments, Finance and Land Sales, Industrial Finance, LB Finance, Mercantile Investments, Merchant Credit of Sri Lanka, Janashakthi Finance and Investments, Nanda Investments, Senkadagala Finance, Silvereen Finance, Sinhaputhra Finance, The Finance and Guarantee, The Finance Co, Multi Finance Co, Rupee Finance and Trade Finance and Investments. Licensed Specialised Banks Ceylinco Savings Bank, DFCC Bank, Kandurata Development Bank, National Development Bank of Sri Lanka, National Savings Bank, NDB Housing Bank, Pramuka Savings and Development Bank, Rajarata Development Bank, Ruhuna Development Bank, Sabaragamuwa Development Bank, Sanasa Development Bank, State Mortgage and Investment Bank, Uva Development Bank and Wayamba Development Bank. Other institutions authorised to accept deposits Co-operative societies registered under the Co-operative Societies Law and building societies incorporated under the National Housing Act. Societies or organisations established or registered under any other written law may accept deposits of money. |
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