History of banking in Sri Lanka

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Inside The banking industry in Sri Lanka.It was only during the British colony (1802-1948) that Banking was introduced to Sri Lanka with mainly branches of foreign banks being set up. The CBSL was established in 1950 under the MLA No.58 of 1949 which was a major milestone in Sri Lanka's economic history.The first of Sri Lanka The saga of Bank of Ceylon (BOC) began on 1st of August 1939 under Bank of Ceylon Ordinance No. 53 of 1938, the Governor of Ceylon, Sir Andrew Caldecott, declared open the maiden office of Sri Lanka's first state-owned commercial bank in Fort, Colombo.


Introduction of Banking System in Sri Lanka

Includes special features of this country’s banking system and rules/laws that might impact U.S. business.

Sri Lanka has a fairly well-diversified banking system, which includes the Central Bank of Sri Lanka (CBSL), two large state-owned commercial banks (Ceylon Bank and People’s Bank), eleven private domestic commercial banks, thirteen foreign banks, a national savings bank, a regional development bank, two housing banks, and three licensed specialized banks.  Citibank N.A. is the only U.S. bank operating in Sri Lanka.  The domestic commercial banks operate branches throughout the island.  All commercial banks operate foreign currency banking units and conduct off‑shore business and finance projects approved by the BOI.  The Central Bank is responsible for regulation and supervision of Sri Lanka's banking system.  The legal framework consists of the Monetary Law Act and the Banking Act.

 List of banks in Sri Lanka

1.Central Bank
2.Licensed commercial Banks
3.Licensed Specialized  Banks
4.Licensed finance companies


Central Bank

  • Central Bank of Sri Lanka

Licensed Commercial Banks

  • Amana bank
  • Axis bank Ltd
  • Bank of cylone
  • Bank of china limited
  • Cargils bank Ltd
  • Citibank N.A.
  • Commercial bank of Cylone
  • Deutsche bank AG
  • DFCC Bank PLC
  • Habib Bank Ltd
  • Hatton National Bank PLC
  • ICIC Bank Ltd
  • Indian bank
  • Indian overseas bank
  • MCB Bank Ltd
  • National Development Bank PLC
  • Nations Trust Bank PLC
  • Pan Asia Banking Corporation PLC
  • People's Bank
  • Public Bank Berhad
  • Sampath Bank PLC
  • Seylan bank PLC
  • Standard  Chartered Bank
  • State Bank of India
  • The Hong Kong and Shanghai Banking Corporation Ltd
  • Union Bank of Colombo PLC
  • Bank of saantham PVT

Licensed Specialized Banks

  • Housing Development Finance Corporation Bank of Sri Lanka (HDFC)
  • Lankaputhra Development Bank Ltd.
  • National Saving Bank
  • Regional Development Bank (Pradheshiya Sanwardhana Bank) (RDB)
  • Sanasa Development Bank PLC (SDB bank)
  • Sri Lanka Savings Bank Ltd (SLS Bank)
  • State Mortgage & Investment Bank (SMIB)



Licensed finance companies Edit

  • Saantham Finance Ltd
∗Abans Finance PLC
  • Alliance Finance Co. PLC
  • AMW Capital Leasing and Finance PLC
  • Arpico Finance Co. PLC
  • Asia Asset Finance PLC
  • Associated Motor Finance Co. PLC
  • Bimputh Finance PLC
  • BRAC Lanka Finance PLC
  • Central Finance Co. PLC
  • Central Investments & Finance PLC
  • Citizens Development Business Finance PLC
  • City Finance Corporation Ltd.
  • Colombo Trust Finance PLC
  • Commercial Credit & Finance PLC
  • Commercial Leasing & Finance PLC
  • ETI Finance Ltd.
  • HNB Grameen Finance Ltd.
  • Ideal Finance Ltd.
  • Kanrich Finance Ltd.
  • L B Finance PLC
  • LOLC Finance PLC
  • Melsta Regal Finance Ltd.
  • Mercantile Investments & Finance PLC
  • Merchant Bank of Sri Lanka & Finance PLC
  • Multi Finance PLC
  • Nation Lanka Finance PLC
  • Orient Finance PLC
  • People's Leasing & Finance PLC
  • People’s Merchant Finance PLC
  • Richard Pieris Finance Ltd.
  • Sarvodaya Development Finance Co. Ltd.
  • Senkadagala Finance PLC
  • Serendib Finance Ltd.
  • Singer Finance (Lanka) PLC
  • Sinhaputhra Finance PLC
  • Siyapatha Finance PLC
  • Softlogic Finance PLC
  • Summit Finance PLC
  • Swarnamahal Financial Services PLC
  • The Finance Co. PLC
  • The Standard Credit Finance Ltd.
  • TKS Finance Ltd.
  • Trade Finance & Investments PLC
  • U B Finance Co. Ltd
  • Vallibel Finance PLC

Vision of the Central Bank

“A credible and dynamic central bank contributing to the prosperity of Sri Lanka.”

Our vision clearly indicates that the Bank is deeply committed to contributing to the prosperity of Sri Lanka. The term prosperity has a wide connotation: enhancement of the quality of life of people through sustainable wealth creation and inclusion of all segments of the society in enjoying the benefits of development. The Central Bank would facilitate this process by ensuring economic and price stability and financial system stability while providing prudential and pro-active policy recommendations, as the Advisor to the Government on Economic Affairs. In doing so, the Bank would act with the highest degree of integrity and professionalism, earning respect for its objectivity and apolitical stance. 

"Maintaining economic and price stability and financial system stability to support sustainable growth through policy stimulus, advice, commitment and excellence.”

Our mission emphasizes the need for the Bank to continuously fulfill its core objectives: economic and price stability (maintenance of a low level of inflation, while attaining macroeconomic equilibrium) and financial system stability (maintenance of stability in the financial system as a whole). The accomplishment of this mission would enable the Bank to create a conducive environment for economic agents to take a long-term view of the economy and make major decisions relating to resource allocation, production, labour supply, investments, consumption and savings, accordingly. Such a long-term focus is essential for sustainable growth and the alleviation of poverty.
Their mission,
The core objectives would be supplemented by appropriate policy recommendations for raising the output of the economy to the long-term potential and desired levels. The Bank's staff, the key input in its operations, would display the highest level of commitment, dedication and excellence in accomplishing the mission so that the Bank would be a model for others to emulate. The staff would also set appropriate benchmarks and service norms, when extending their services to the stakeholders. The Bank would always strive to upgrade its services, even to standards higher than international best practices.
Their values,
Commitment to inspirational leadership
Providing strategic leadership to the financial sector.
Transparency in what we do
Being ready to explain the rationale behind our actions.
Accountability to our key stakeholders - the public, government, financial institutions and employees 
Taking responsibility for our policy advice and actions.
Integrity - trust, dependability, honesty
Matching words with deeds by discharging functions ethically in the best interests of our   stakeholders
Commitment to professional competence
Dedication, quality and excellence in all we do.
Commitment to lifelong learning, knowledge sharing and innovation 
Acquiring the required skills individually and collectively in a rapidly changing world.
Consistency, accuracy and timeliness of all actions taken by the Bank
Earning respect for what we do.
Managing and ensuring operational autonomy for policy formulation and implementation
Providing the organizational freedom for objective decisions.
Urgent and continuous commitment to results and outputs
Bringing a sense of urgency and timeliness into all our actions.
Commitment to collaborative and participatory work practices
Building positive team relationships within the Bank so as to ensure the maximum level of cooperation and team spirit.

Comments

  1. Chamika Madhushani Bm/2015/180March 25, 2019 at 12:47 AM

    Thank you for sharing these valuable information with us. It is very useful for my studies. Keep it up.

    ReplyDelete
  2. Anujaya Chathuranga (BM/2015/090)March 25, 2019 at 1:35 AM

    Thank you for sharing this article.. it's Very important to improve our knowledge related to the banking industry..

    ReplyDelete
  3. D M Knowledge HubMarch 25, 2019 at 1:48 AM

    Useful information
    Thanks

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  4. Innovation Of Banking March 25, 2019 at 2:00 AM

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  5. Unknown March 25, 2019 at 2:07 AM

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  10. DilMarch 25, 2019 at 7:00 AM

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  11. UnknownMarch 25, 2019 at 7:27 AM

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  12. ANJALI BM/2015/233March 25, 2019 at 8:33 AM

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  13. Sashidu YashodMarch 25, 2019 at 8:35 AM

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  17. WADS DILSHAN BM/2015/057 June 17, 2019 at 11:31 PM

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  18. bm/2015/321 - w.n.sankalpaniJune 18, 2019 at 12:20 AM

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  19. BM/2015/304June 18, 2019 at 3:07 AM

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  20. ThiliniJune 29, 2019 at 9:01 PM

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  21. Chamika Madhushani Bm/2015/180July 8, 2019 at 12:48 AM

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  23. bm/2015/343 D.B.P.SrimaliJuly 19, 2019 at 6:57 AM

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