Indian Bank to boost self-help groups, SMEs in Jaffna

Palani (TN), (PTI) Indian Bank would soon open a branch in Jaffna in northern Sri Lanka, its second in the island nation, a top bank official said.

The Reserve Bank of India and the Central Bank of Sri Lanka had given their approval for opening the overseas branch of the Chennai-headquartered bank, Indian Bank Executive Director Rajeev Rishi told reporters here.

With the rebuilding of the entire Tamils area underway in the island in the aftermath of the war against LTTE, there was great potential for business for the bank in Jaffna peninsula, he said.

The bank, which already has a branch in Colombo, would replicate the Indian model of forming self-help groups among Sri Lankan women and also finance small and Medium industries as well as farm sector in the peninsula, where the over two decades old ethnic strife ended last year with the decimation of LTTE.

“We are confident of improving the business just by assisting the common people just as we do in India,” he said.

Referring to the complaints about huge vacancies resulting in extreme work pressure on branch Managers, he said “We are in the process of recruiting 800 clerks and had already selected 150 officers for our future expansion of operation.”

He said the ATMs of the bank were utilised sufficiently with 275 hits per day, which was more than the average. In some localities, it was 600 hits a day and they had to replenish cash frequently.

Earlier, Rishi opened a coin vending machine near the famous Sri Dhandayudapaniswami temple which attracts large number of devotees.