COMBank launches scholarship scheme for undergraduates

The Commercial Bank of Ceylon, one of the country's foremost socially responsible corporate entities, presented undergraduates from around the country with scholarships of Rs. 2,500 per month under a new corporate social responsibility project launched recently.

This is the first higher education project undertaken by the Commercial Bank's Corporate Social Responsibility Trust at which 100 undergraduates received cash scholarships at the presentation ceremony held under the patronage of Prime Minister Ratnasiri Wickramanayake.

These students will receive scholarship money for the ten academic months of every year that they study at the University. Under this scheme the Bank will pay Rs. 2.5 million annually.

The undergraduates who would benefit were chosen with the assistance of the University Grants Commission and followed the criteria used in the Mahapola Scholarship Scheme. Among the criteria used to identify deserving students was the number of attempts made at the A/L examination, the number of school-going children in the family, parental income and the distance between the university and the student's home.

The Commercial Bank CSR Trust concentrates on projects focused on education, child welfare, rehabilitation of irrigation systems and community service. The Trust was commenced with a startup capital of Rs. 25 million where the Bank contributes up to one percent of post tax profits every year to the trust for its smooth functioning.