BY Ishara Gamage
Ceylon Finance Today: Sri Lanka's largest women's cooperative movement called 'Sri Lanka Women's Development Services Cooperative Society Ltd' (Women's Bank) founded in 1989 said they had exceeded over Rs 5.7 billion worth of assets at the end of last year. "It is well above the government led 'Samurdhi' moment, said the Women's Bank founder and mentor Nandasiri Gamage.
In related developments, despite the government's 2016 budget direction, Sri Lanka's Samurdhi Bank was against the merger proposal with the National Savings Bank (NSB). A senior Samurdhi official told Ceylon Today that instead of merging with the NSB, they will recruit qualified fund managers to manage their own funds which is around rupees five billion.
Meanwhile, Women's Bank founder Nandasiri Gamage said that they have disbursed over Rs 4.9 billion worth of loans among their members for various loan demands in total, with Rs 1.8 billion worth of loans given within last year, showing a Rs 500 million increase annually.