BOC loan schemes to aid SMEs affected by COVID-19 – BOC Chairman

CEYLON TODAY | Published: 2:00 AM Jul 4 2020

The Bank of Ceylon (BOC) will formulate loan schemes to aid Small and Medium-scale Enterprises (SMEs) affected by COVID-19, said BOC Chairman, Attorney-at-Law Kanchana Ratwatte.

He said, while the Central Bank of Sri Lanka has formulated several concessions, the BOC is also attempting to support such businesses, adding that the Bank looks forward to implementing a single digit interest rate for loans.

“Money at the BOC is deposits of the public and it is our responsibility to ensure that businesses benefit from these loan schemes, develop their businesses and pay us a sum of money in return as interest,” he added.

Ratwatte noted that one of main issues that will be addressed in this respect will be that of discussing how individuals who have obtained loans from other banks and have found difficulties in repaying, could solve such difficulties and obtain a further loan from the BOC.

“As an entity registered under the Central Bank, the BOC has to comply with  Central Bank regulations which state that if an individual has obtained a loan from another Bank and has had difficulties in repayment, such individuals should not be granted a further loan from any other bank, and this issue is what has to be discussed and resolved,” he added.He made these statements while addressing a conference of small and medium enterprises in the fisheries sector and tea industry held in the Southern Province.

CEYLON TODAY | Published: 2:00 AM Jul 4 2020

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