Sri Lanka government to open a new savings bank

Sri Lanka government will open a new savings bank named Sri Lanka Savings Bank on next Monday, Finance Ministry revealed. President Mahinda Rajapaksa is to attend the opening ceremony of the new bank.

One of the primary purposes of the bank is to provide benefits to those depositors of the Pramuka Bank that was bankrupted in 2002. According to the Ministry sources, the bank is to pay back money of those depositors under a maximum amount of 100,000 rupees.

Pramuka Bank closed down its operations on Oct 25, 2002 incurring heavy losses to 14,324 depositors. Some of the depositors even committed suicide following the closure that said to be caused by bad corporate governance.

Extracted from,
http://www.colombopage.com/archive_08/March7120945CH.html