Saturday Nov 16, 2024
Saturday Nov 16, 2024
Monday, 2 September 2013 00:10 - - {{hitsCtrl.values.hits}}
Commenting on the corporate relationship between India and Sri Lanka, he said that the countries share a very strong financial bond and that emerging countries in the Asian region have to collaborate in order to strengthen the financial stability in the region.
Dr. Narendra reiterated that IOB was a good bank to grow with and that the bank and its staff live up to its motto ‘Touching Hearts – Spreading Smiles’.
India’s Minister of State for Finance Namo Narain Meena along with the dignitaries and management of IOB inaugurated the offshore banking unit in Colombo. Addressing the gathering, Meena congratulated IOB and extended his wishes that this unit would strengthen and contribute towards the mutual growth of India and Sri Lanka.
Meena stated that the relationship between India and Sri Lanka was at a mature and diversified level and that trade and investment ties would grow from strength to strength in the future through these new ventures.
Though India suffered a drop in its global growth rate which shifted from 3.9% to 3.1%, the Government of India’s financial vision for 2014 is to revive it by 0.7%. Meena said that the Government of India had taken steps to support the financial sector through granting permission to open overseas banks in India, expanding branch networks within India, encouraging the entry of private banks and promoting financial inclusion.
The Government of India has also initiated the opening of the first women’s only bank in India – Bharathi Mahila Bank – by November 2013. He said this would empower and enable women to be a part of the economic growth of India.
Elaborating and recognising the efforts of IOB, Meena added that the Bambalapitiya branch and the offshore banking unit of IOB would cater to a variety of business and client needs. He added that international banking was a key factor in the economic growth and the mutual synergy would immensely contribute towards the unprecedented growth of both the economies.
Meena also mentioned that the global economic crisis had very little impact on the Indian banking system and that as a state ally, India would continue to support the Sri Lankan economy and take it to new heights in the financial world.
Marking yet another milestone for IOB, Senior Minister for International Monetary Cooperation and Deputy Minister of Finance and Planning Dr. Sarath Amunugama declared open the upgraded extension counter of IOB’s Bambalapitiya branch.
Sharing his thoughts on the Indian and Sri Lankan financial links, Dr. Amunugama stated that the economy of India is growing fast, adding that India and China have changed the face of the global economy by easing poverty in the region.
He added that India has always stood strong with its macro economy and expounded its financial bounce back. “India has and will be the largest investor in Sri Lanka and up to date they have invested in projects related to tourism and infrastructure and it extends towards aviation in terms of building the largest connectivity with other continents.”
Remembering the founder of IOB M. Ct. M. Chidambaram Chettiyar, Dr. Amunugama stated that the Chettiar community had made a huge contribution towards the Sri Lankan economy. He reiterated that since the economic liberalisation in India and privatising of financial institutions, the Indian economy had tremendously grown and that the Government of Sri Lanka was looking forward to the Sri Lankan economy also growing from strength to strength since the Government had liberalised the local economy.
Dr. Amunugama requested the IOB and the Government of India to share their expertise of efficiency, stability and diligence with the Sri Lankan banking system.
Addressing the gathering on behalf of the Central Bank of Sri Lanka (CBSL) Deputy Governor Ananda De Silva stated that the objective of the Central Bank was to provide resilient yet stable dynamic banking services to the people of Sri Lanka.
De Silva noted the contribution of India in terms of the financial support provided to rebuild the country’s infrastructure. He explained that the opening of IOB’s offshore banking unit would strengthen ties among the region’s investors and Sri Lanka by encouraging them to become a part of BOI projects.
In conclusion, De Silva said that the Central Bank would draw expertise from the innovative financial services IOB has initiated to serve its clientele better and to further expand the banking facilities of Sri Lanka.
Indian High Commissioner to Sri Lanka Y.K. Sinha in his brief but eloquent speech stated that Sri Lanka and India share an age-old symbiotic civilisation link. However much effort should be put down to building and initiating a relationship that suits modern-day needs to further cement this ancient link.
He reassured that India would always remain a strong partner of Sri Lanka, supporting its comprehensive economic growth, and would strive to strengthen links. Sinha asserted that this comprehensive economic partnership should not be undermined and would nurture the depth of bilateral links between India and Sri Lanka.
Wrapping up the day’s events, Dr. Narendra and Country Head IOB D. Palanisamy presented tokens of appreciation to the chief guests at the event.
Pix by Upul Abayesekara
