Sabaragamuwa CRBs to be upgraded to status of a modern commercial bank

The Cooperative Rural Banks (CRB) in Sabaragamuwa Province will be transformed into the status of a modern commercial bank. Sabaragamuwa Provincial Governor Champa Janaki Rajaratne said that the CRB network will be upgraded to the status of a modern commercial bank by incorporating modern technology.

She made these remarks while attending the inauguration of the Sabaragamuwa Rural Bank Innovation Project held at the provincial council auditorium in Ratnapura last Tuesday (29). Having been concerned with the urgent and timely need to upgrade the CRB system in the province to suit the modern day needs, the Sabaragamuwa Provincial Cooperative Department has implemented this modernization project.

Accordingly, all the 256 co-operative rural banks in Sabaragamuwa province are upgraded to the level of any other commercial bank operating in the country, step by step. The Sabaragamuwa Provincial Cooperative Commission is also giving a grant of Rs 205,000 to each rural bank for the first phase of the CRB Modernization Programme. Accordingly, under the first phase, 46 CRB branches in the province have been selected to upgrade.

Apart from the traditional co-operative rural bank’s operating methods, modern technology will be incorporated into the banking modernization process. Under this, ATM facilities will also be established for the first time in the co-operative rural bank history.

The CRB provides credit facilities to many sectors in the province, including agricultural activities, commercial agriculture such as tea and rubber plantations, tourism industry, small and small scale enterprises, manufacturing and service sector etc. In line with the inauguration of the project, the Governor presented project proposals related to promoting the ‘CRB brand name’ to Chairmen of CRB societies in Sabaragamuwa province.

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