Seylan Bank of Sri Lanka

Seylan Bank (PLC) is a licensed commercial bank and a public limited liability company incorporated in Sri Lanka and listed on the Colombo Stock Exchange. The Bank commenced operations in 1987 and is currently recognised as a premier bank in Sri Lanka.

Products of the Seylan Bank

Personal

Savings Accounts

• Seylan Sure

·         Offers definite benefits for personal savings and current account holders

·         Individuals aged above  18 years

• Tikiri

·         Big account for little ones

·         Children below 15 years of age

• Seylan Harasara

·         Senior citizens account

·         Senior citizens aged above 55 years

• Money Market Savings Account

·         Short-term savings account  with higher interest rate

·         Corporate, individual clients and collection accounts of institutions

• Seylfie

·         Youth account with rupee and digital interest option

·         Youth aged between  18-26 year

• Income Saver Account

·         Savings account for monthly regular income earners

·         Individuals who earn a regular monthly income

Fixed Deposits

• Millennium 30

·         30-day fixed deposit to Corporate, SME, retail and individual clients

·         Flexi Deposit Allows depositor to select the time period of the fixed deposit

• Seylan Shakthi

·         4-year fixed deposit Interest and reward benefits

• 5star

·        5-year fixed deposit

• NRFC

• Thilina Sayura

·         Foreign currency deposit  account with rewards

·         Non-resident and Sri Lankan individuals who earn foreign exchange

Lending Products

Loans

• Seylan Home Loans

·         Home Loans up to LKR 100 Mn. for construction or purchase of  a house or apartment

·         Fixed interest rates

·         Offer for primarily salaried individuals, professionals and businessmen

• Seylan Loan  Against Property

·      Loans made available against your residential property to upgrade your lifestyle, grow your business or for investments

·         Fixed interest rates and doorstep service

·         Offer for salaried individuals with residential property under their name

• Seylan Personal Loans

·         Personal loan for any related purpose

·         Fixed Interest rates, doorstep service and approval within two days

·         Offer for salaried individuals employed at reputed companies, professionals, government servants and armed forces

• Seylan SME

·         Specialised loan scheme for  SME sector

• Scholar Loans

·         Unique higher education loan scheme

• Seylan Gold Loans

·         Instant short-term loan facility against gold articles

·         Offer for corporate and individual clients

Pawning

• Seylan Pawning

·         Cash advance against gold

Leasing

• Seylan Leasing

·      Finance leases for vehicles, motorcycles, machinery, plant and equipment

Other Services

• Seylan Credit and Debit Cards

·        Visa

·        Master credit and  debit cards

·        Including rewards, merchant discounts

·        Offer for individual clients

• Overdrafts

·         Overdraft facilities for personal and corporate current account holders

• Trade Finance

·         Imports and Exports Commission and interest benefits

·         Offer for corporate, SME, retail and individual clients

• Seylan Factoring

·        Provides working capital requirements against trade receivables

·        Offer for corporate, SME, retail and individual clients

• Seylan eBanking

·         Able to carry out a variety of banking functions at their convenience by the click of  a button

·         Low charges

·         24 x 7 accessibility

·         Offer for Corporate, SME, retail and individual clients, minor and credit cardholders

• SEY Cash

·         Bank’s remittances platform

• SMS Banking

·         Opportunity to carry out selected banking functions via SMS

·         Free up to a number of SMSs and convenience

·         Offer for Corporate, SME, retail and individual clients, minor and credit cardholders

• Seylan Suhada Sewa

·         Dedicated service for those people in the society in need of attentiveness

·         Free of charge and convenience

·         Offer for Clergy, senior citizens, differently-able people, pregnant ladies and mothers with infants

• Treasury investments

• Margin trading facilities

• Offshore banking

CENTRAL BANK OF SRI LANKA 

History

To accommodate dynamic economic and financial system developments upon gaining independence in 1948, the post-independence Government of Ceylon (as Sri Lanka was then known) established the Central Bank of Ceylon to maintain an active monetary policy regime and a dynamic financial sector to support and promote economic growth.

Prior to the establishment of the Central Bank, the Currency Board System set up under the Paper Currency Ordinance No.32 of 1884 functioned as the country’s Monetary Authority, though very narrow in its capacity. This system was deemed inadequate for a developing country upon gaining political independence. 

Objectives of the Central Bank

  (a)  The stabilisation of domestic monetary values (maintenance of price stability).
  (b)  The preservation of the par value or the stability of the exchange rate of the Sri Lankan Rupee (maintenance of exchange rate stability).
  (c)  The promotion and maintenance of a high level of production, employment and real income in Sri Lanka.
  (d)  The encouragement and promotion of the full development of the productive resources of Sri Lanka

Introduction

The Central Bank of Sri Lanka (CBSL) is the apex institution in the financial sector in Sri Lanka. It was established in 1950 under the Monetary Law Act No. 58 of 1949 (MLA) as a semi-autonomous body and is governed by a five-member Monetary Board.

The CBSL seeks to achieve and maintain two core objectives to maintain a healthy and stable economic and financial system while maximising resource utilisation effectively. These objectives are:

      1.    The maintaining of economic and price stability
      2.    The maintaining of financial system stability

The MLA has also granted the CBSL sole authority to issue currency notes and coins to the public. Therefore, the Bank is responsible for currency issuance and management.

Function

Core Functions

The core functions of the CBSL are:

(a) Conduct of monetary policy.

(b) Conduct of exchange rate policy.

(c) Management of the official international reserves.

(d) Oversight of the financial system.

(e) Licensing, regulation and supervision of banks and selecting non – bank financial institutions.

(f) Provision of settlement facilities and the regulation of the payment system.

Agency Functions

In addition, the CBSL also performs the following agency functions on behalf of the Government of Sri Lanka:

(a) Management of the public debt.

(b) Foreign exchange management.

(c) Fund management and acting as the custodian of the Employees’ Provident Fund.

(d) Facilitating financial inclusion.

(e) Financial intelligence services to detect and prevent money laundering and terrorist financing.

Laws and Regulations

·       Monetary Law Act (MLA) No. 58 of 1949

Monetary Law Act No. 58 of 1949 establish the monetary system of Sri Lanka and the Central Bank to administer and regulate the system and to confer and impose upon the Monetary Board of the Central Bank powers, functions and responsibilities necessary for the purpose of such administration and regulation, and to provide for connected matters.

·       Payment and Settlement Systems Act No 28 of 2005

Payment and Settlement Systems Act No 28 of 2005 provide for the regulation of payment, clearing and settlement systems; for the disposition of securities on the books of the Central Bank; for the regulation of providers of money services.