Big draw for banking as RDB opens in Mannar

• 1,600 accounts opened on Day One
• Minister Rishad urges Regional Development Bank to give priority to livelihood industries

The agro, fisheries and cottage industry sectors in Mannar region are to get a big boost by the entry of the Regional Development Bank (RDB), which has the third largest network of branches and a customer base of 3.5 million in the country.

“The Mannar’s Regional Development Bank is expected to boost region’s fisheries, cottage and agro sectors, especially at micro levels. I request the RDB to begin improving the fisheries and agro sectors of the region as soon as possible so that the livelihoods people engaged in fisher and agro sectors will improve,” Chief guest at the opening Industry and Commerce Minister Rishad Bathiudeen said.

Eager crowds of new clients in Mannar who appeared starved for development banking needs - hundreds of them immediately entering the RDB premises –seen competing with each other at the RDB teller’s counter to open their initial accounts with deposit cash ready in hand on Monday.

Around 1,600 new accounts had been opened on the first day itself.

“I am pleased to open the 254th branch of RDB in Mannar. I request the RDB to begin improving the fisheries and agro sectors of the region as soon as possible so that the livelihoods people engaged in fisher and agro sectors will improve,” Minister added.

Speaking on the need of RDB to involve in livelihood and micro sector improvement in Mannar area, Minister Bathiudeen said: “The recent Divineguma show held in Mannar under the guidance of Basil Rajapaksa, Minister of Economic Development, clearly showed Mannar people’s strong desire to enter micro and small industries even at cottage level, despite it being an under developed District with a rural population. More than 6000 people visited the Divineguma show and more than 4000 of them came forward to fill Expression of Interest documents to start various cottage and small industries. Therefore I believe that RDB has entered Mannar at the right time.” RDB’s CEO and General Manager R. Siriwardhane said: “The objective of RDB’s entry to Mannar is to uplift the rural economy, providing more opportunities for people to earn additional income through development banking.”

 “We see synergy between the Regional Development Bank and industries in Mannar area. According to them, 67% of the RDB Bank’s loans are given to development sector including small scale Industries which has a strong presence in Mannar, and about 70% of RDB Bank loans are less than Rs.100,000-the same amount of loans that many businesses in Mannar manage with,”  he added.

RDB’s AGM Sarath Chandra Fernando said: “Though the bank did not have branches in North & East except few branches at Ampara District since 2010, now we want to open 18 branches in North & East by end of this year, and has already opened 6 branches in these areas to date.”

 With its entry to Mannar, RDB’s (micro) financing portfolio is expected expand further to micro and small scale entrepreneur loans, fisheries, dry fish processing, paddy and rice milling, crop cultivation, and micro businesses at street level.