People’s Bank joins CBSL-backed guarantee scheme for pawning advances

Tuesday, 12 August 2014 00:01 - - {{hitsCtrl.values.hits}}

People’s Bank joined the guarantee scheme initiated by the Central Bank of Sri Lanka (CBSL) for pawning advances. The agreement in this regard was signed between the two institutions at the Regional Development Department of the Central Bank of Sri Lanka. The guarantee scheme covering pawning advances would thus enable the Bank to continue its financial assistance programs towards the farming community and micro, small and medium scale entrepreneurs, who will receive financial assistance at concessionary rates of interest to carry on their businesses and other economic activities. The scheme will facilitate the granting of an additional 15% loan quantum over and above the usual advances made on gold pawning by the bank at present. Accordingly, the special guarantee scheme allows the bank to grant up to Rs. 500,000 at a 15% annual interest rate for pawning advances. This scheme will particularly support those who are involved in agriculture and small-scale commercial ventures. Those present at the signing of this agreement included Regional Development Director M.J.S. Abeysinghe, Additional Director A.M.R.K. Attanayake, Deputy Director E.H. Mohotti, Senior Assistant Director D.M.K.B. Dunuthilake and Assistant Director B.M.J. Wijesundara of the Central Bank of Sri Lanka, while CEO/GM N. Vasantha Kumar, DGM Retail Banking Renuka Jayasinghe and DGM Operations Boniface Silva represented People’s Bank.