The Central Bank of Sri Lanka has instructed all banks to set up Business Revival Units to help customers restart their failed businesses. These units will offer a variety of services, such as cash grants to revive businesses, concessions on loan interest, and extended loan repayment periods.
Some banks had already set up similar units before the new instructions were given. Now, those existing units will be upgraded to provide more efficient and customer-friendly services.
The Central Bank has also lowered its policy interest rate several times. Banks are expected to pass on the benefits of these interest rate cuts to their customers. Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, has urged banks to use these rate cuts to help lower loan interest rates.
In response, banks have already begun offering loans at lower interest rates to support businesses. When asked, Mr. Russell Ponseka, CEO and General Manager of the Bank of Ceylon, said that 11 Business Revival Units are already operating at the provincial level, along with one at the Colombo headquarters. He assured that these units will provide even better and more customer-friendly services moving forward.
