Agriculture, Rural Economic Affairs , Livestock Development ,Irrigation and Fisheries and Aquatic Resources Development Minister on the occasion of opening Andiyagala BOC branch , Anuradhapura stated that the premier bank in Sri Lanka which strengthened the economy of rural community is the Bank of Ceylon having – 80 year historical background.
Stating further the Minister pointed out “we have written off loan obtained by people in Anuradhapura from micro financing institutions numbering around ten thousand in the island. I requested the finance Minister that those banks be banned what a pretty it is to say that some women have obtained micro loans from several banks; in certain instance more than from 04.
The main reason is the irregularity in issuing micro loans. For example loans amounting 2.0 Mn are given to those who are not in a position to settle even half of it. In such a situation many women are used to make settlement through unfair means.
Let’s turn to state banks which require suitable guarantors to issue loans. It gives credits in consideration of the economic strength of the debtor who does not find it difficult to make repayment. As far as the loans are issued the credibility is most important fact. In addition BOC is a trusted bank registered with the Central Bank contributing immensely to towards strengthening the economy of the country.
Senior BOC officials including its Chairman Mr. Ronald C. Perera attended this occasion.