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State sector banks are making profits

Jul 30, 2011 9:38:41 AM - itnnews.lk

The Banks that were set free from privatization are receiving profits today. President Mahinda Rajapaksa said that the government will contribute towards their development.

The President stressed that the banking sector of this country could be protected when banks of powerful countries were collapsing amidst the world economic crisis. The President expressed these views when he participated in the presentation of appointment letters to Trainee Managers of Bank of Ceylon. Three hundred graduates who passed a competitive examination were recruited as Trainee Managers. All of them received the appointment letters from the President. The recruitments were made covering all districts. The Bank Managers have a huge responsibility in granting loans. The President pointed out how loans amounting to millions of rupees were granted on the insistence of politicians and they have not been repaid.  Minister Mahinda Yapa Abeywardena, Deputy Minister Geethanjana Gunawardena and a group of officials from Bank of Ceylon participated in the occasion. The 72nd anniversary of Bank of Ceylon falls on the 1st of August. Chairman of Bank of Ceylon Dr. Gamini Wickramasinghe said that the interest rate will be decreased to 9%  to mark this occasion.