Joint committee to draft fresh regulatory system for Samurdhi Bank

Thursday, 18 May 2023 03:16 - - {{hitsCtrl.values.hits}}

A joint committee has been appointed by the Finance Ministry, the Central Bank and the Social Empowerment State Ministry to formulate a fresh regulatory system for Samurdhi Bank.

The move was following a discussion chaired by Finance State Minister e Shehan Semasinghe, Social Empowerment State Minister Anupa Pasquale and Central Bank Governor Dr. Nandalal Weerasinghe at the Finance Ministry yesterday.

Semasinghe stressed that the Government has established the framework to fulfil the goal of empowering the community, noting that the Samurdhi Bank system should be appropriately regulated, following the President's directives.

He highlighted how the lack of adequate regulation related to the Samurdhi Bank system had caused several issues. Against this backdrop, Semasinghe emphasised that introducing a new regulatory system will not harm the Samurdhi Bank system or the employees' ability to maintain their jobs.

He also stated that community empowerment is the primary objective and responsibility of the Samurdhi Development Department.

Emphasising that the Samurdhi Development Department should work full-time to empower the community, Semasinghe also noted that more attention will be paid to empowering the community when reviewing the performance of the Department.

Dr. Weerasinghe explained the steps to be taken to regulate the Samurdhi Bank system, whilst assuring that the Central Bank would provide the necessary assistance during the procedure.