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| Sunday, 7 November 2004 |
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NSB gets green light by L. S. A. Wedaarachchi The long awaited request of the National Savings Bank to maintain NRFC and RFC accounts have been approved by the Central Bank. Sri Lankans who live or work abroad can save their much valued foreign earnings in the National Savings Bank which is very close to them when it comes to savings habit, hereafter. NSB expects to commence the operation of the NRFC and RFC accounts from 1st of January next year and grant higher rates as well as additional facilities for their Foreign Currency Account holders. NSB being the pioneer to introduce savings habit into Sri Lanka launched a massive and novel campaign to encourage people to save more earnings last month. Explaining the results of the campaign Eastman Narangoda CEO and the General Manager of NSB said, that the enthusiasm shown by the people was remarkable. He further said that the targets have been easily reached. According to the CEO, the campaign was launched into two main sectors namely postal and branch sectors. From the postal sector people mobilized Rs. Two hundred and thirty (230) million in their savings accounts although the target was Rs. One hundred (100) million. The number of new savings accounts which were opened during the period was Two hundred and fifty thousand (250,000) he said. From the branch sector, people mobilized Rs. Five billion and the number of new savings accounts which were opened was one hundred thousand (100,000) Further E. Narangoda CEO of NSB said, that the permission granted by the Central Bank to maintain NRFC and RFC accounts by the NSB would immensely help the Sri Lankans who are living or working in abroad, as Sri Lankans prefer to have their savings with NSB which enjoys strong people's trust and confidence. On the otherhand the savings accounts holders in the NSB are benefitted by the linkage between NSB and the Postal Department which has four thousand (4,000) post office outlets all over the Island. It is a well-known fact that the savings pass book holders of NSB are benefitted by depositing or withdrawing their savings with the relevant post office. The crux of the postal sector campaign was to revive the post office bank network which contributed seventy four (74) percent of savings in 1974 and later came down drastically. NSB was inaugurated on 1st of April 1972 by the Act No. 30 of 1971 by Dr. N. M. Perera the then Minister of Finance by amulgamating the Ceylon Savings Bank and the Post Office Savings Bank of 1885 and the other two small organisations like Ceylon War Savings Movement of 1942 and the Savings Services Department of 1948. At present NSB has a network of 112 branches all over the Island. |
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