PM urges State Banks to adopt relaxed loan criteria

CEYLON TODAY | Published: 8:00 PM Sep 9 2020
Business PM urges State Banks to adopt relaxed loan criteria

The heads of State Banks were instructed to adopt a relaxed policy when granting loans to people facing economic crisis, stated Finance Minister Prime Minister, Mahinda Rajapaksa.

The Prime Minister stated the above at a progress meeting held at the Finance Ministry.

He stated that people must not be unnecessarily inconvenienced when obtaining a new loan or when repaying loans they have already received.

State Minister of Money, Capital Market, and State Enterprise Reforms, Ajith Nivard Cabraal stated that attention must be drawn to the difficulties faced by the public due to the Credit Information Bureau of Sri Lanka (CRIB).

Speaking in this regard, Prime Minister Rajapaksa added that if a person’s name is included in the CRIB only as a guarantor of an individual who has unpaid loans, they are automatically disqualified from obtaining a loan. Therefore, the Prime Minister requested to adopt appropriate relief procedures.

State Minister of Samurdhi, Household Economy, Micro Finance, Self Employment, Business Development, and Underutilised State Resources Development, Shehan Semasinghe also stated that the previous regime had provided Samurdhi assistance in a biased manner. 

The Prime Minister commenting in this regard instructed to investigate these allegations and to take necessary steps to provide Samurdhi to all low-income families without any political differences.

Under the policy statement of the President, Rs 28 million was allocated for the project, ‘Sapiri Gamak’. According to the project, Rs 2 million each will be distributed to 14,021 Grama Niladhari Divisions in the country.

The allocated funds will be utilised to implement the following projects selected by the Rural Community Committees on the instructions of the Prime Minister:

– Development of rural roads, stairs, culverts, small bridges and side drains
– Development of storage facilities required for agricultural products
– Development of rural level economic centres, weekly markets and market places
– Reconstruction of small tanks, canals, anicuts, ponds and agricultural wells
– Community drinking water supply projects
– Modernisation and improvement of rural medical centres
– Improving electricity, water and sanitation facilities for schools
– Projects to eliminate or minimise hazards from wildlife to human habitats

CEYLON TODAY | Published: 8:00 PM Sep 9 2020

More News