Home / Financial Services/ Govt. halts Samurdhi Bank takeover plan

Govt. halts Samurdhi Bank takeover plan

Comments / {{hitsCtrl.values.hits}} Views / Friday, 12 October 2018 00:00

By Ashwin Hemmathagama – Our Lobby Correspondent

The Government yesterday informed Parliament that it would not continue with the plan allowing the Central Bank to take over the Samurdhi (Divineguma) Bank, as stated by Prime Minister Ranil Wickremesinghe addressing the May Day celebrations this year.

According to the Ministry of Social Empowerment, there are 1,074 Samurdhi Banks, 331 Samurdhi Regional Societies, and one Samurdhi General Society. As at 1 January, these Samurdhi Societies own assets exceeding Rs. 8.3 billion and as at 31 March, the Samurdhi Bank alone has Rs. 148.5 billion assets under its portfolio.

The Ministry of Social Empowerment also turned down the possibility of reversing the exemption, which has allowed Samurdhi Bank to be free from Central Bank control under the Divi Neguma Act No.1 of 2013. 

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Finishing the job of ending poverty in South Asia

Thursday, 18 October 2018

“I have a four-year-old son back in my village. I want to make a better life for him,” says Sharmin Akhtar, a 19-year-old employee in one of Dhaka’s many flourishing garment factories. Like thousands of other poor women, Sharmin came down to B

Depreciating rupee: Avoiding a money-go-round

Wednesday, 17 October 2018

Sri Lanka’s excessive reliance on foreign capital to finance investment under favourable external financial conditions is now leading to disruptions, as those conditions change in a decisive interest rate tightening phase in the United States. As U

Responsible water stewardship in Sri Lanka

Wednesday, 17 October 2018

Unlike many of our regional neighbours, Sri Lanka is blessed with an abundant water table. However, many companies do not feel the full value of this precious resource due to the limited regulation and monitoring of fresh water extraction for busines

Economy in disarray, banks flourishing; can this be true?

Wednesday, 17 October 2018

It is earlier reported that the growth in bank credit accelerated in August despite the tight credit and money conditions and rising non-performing loans in the banking sector. It is further reported that the year-on-year (YoY) growth in credit accel

Columnists More