HNB presents Adhishtana, a special savings package for migrant workers

Friday, 11 March 2022 03:14 - - {{hitsCtrl.values.hits}}

Central Bank Governor Ajith Nivard Cabraal addressing during launch of HNB ‘Adhistana’ saving package at the HNB head office in Colombo – Pix by Ruwan Walpola

By Darshana Abayasingha

HNB Managing Director and CEO Jonathan Alles

Hatton National Bank (HNB) yesterday launched ‘Adhistana’, a special program and account aimed at Sri Lankan migrant workers to encourage them to save and remit earnings via the bank.

The program was launched in the presence of Central Bank Governor Ajith Nivaard Cabraal.

HNB Managing Director and CEO Jonathan Alles said, the bank had pledged to launch a programme to further incentivise inward remittances to the country, and the launch of Adhishtana fulfills this commitment. He hoped other state and private banks could extend similar facilities to Sri Lankans employed overseas to further support their efforts and consider the current macro condition. Alles added, that in this manner he hoped that all remittances could be eventually done via the formal system.

With Adhistana, migrant workers could remit earnings to a special account, and HNB says the program is designed to benefit the account holder and their families and society. Account holders could even obtain pre-departure loans to prepare for migration and the bank encourages depositors to hold a minimum balance every month to encourage savings. Based on the savings, customers could also avail themselves of housing loans, education loans and microfinance facilities. Customers could even request the bank to deliver cash to their homes.

The bank will also deposit Rs. 1,000 into special accounts of children for Adhistana accounts holders.

“Programmes like Adhistana will provide workers a comprehensive package for workers to consider remittances and their needs here at home. Banks must not just be limited to lending institutes; they must work to uplift their valued customers, and this program will meet this requirement,” said Governor Cabraal addressing the gathering.

The Central Bank Governor handed over the first Adhistana Account to one of the bank’s valued customers, whilst several customers also received cheques of Rs. 100,000 each to appreciate their contribution via inward remittances done through HNB. The bank will also run a special program to identify the talents of children of migrant workers to promote them, and this would be done in partnership with the Ministries of Education and Foreign Employment.