Banks refusing to pay guaranteed 15% interest: JVP

25 June 2015 02:56 am - 6 - {{hitsCtrl.values.hits}}

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Banks had refused to pay the guaranteed 15 per cent interest rate for the deposits of senior citizens with over a million rupees in their accounts despite the assurance given by the government in the budget this year, Janatha Vimukthi Peramuna (JVP) MP Sunil Handunnetti said yesterday.

Mr. Handunnetti, who raised an oral question on the matter in Parliament, said the banks had gone even further and asked senior citizens with more than one million in their accounts to withdraw their monies.

Chief Government Whip, Gayantha Karunatilleke, who responded, explained that senior citizens who had more than one million rupees in their accounts would be entitled to the 15 per cent interest rate only for the one million rupees while they would earn the usual interest rates for sums in excess of that remaining in their accounts.

He said the treasury would reimburse the extra funds which the banks had to bear to pay the elevated rate of interest to the senior citizen. The Chief Government Whip said a sum of Rs 182. 4 million had been reimbursed to the banks for the first quarter of 2015. Additionally, he said the government had allocated Rs 4 billion for the same this year.

Mr. Handunnetti, who spoke for a second time, said banks were acting arbitrarily and heaping conditions onto senior citizens instead of following the government circular pertaining to the proper interest rates and said he hoped that this would change soon. (Yohan Perera and Kelum Bandara)

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Comments - 6

Premalal Thursday, 25 June 2015 10:30 AM

No country can have a social safety net without earning it first. Sri Lankans are now driven to state dependency without having to work for it. We now have one of the largest and most probably one of the most inefficient public sectors. Farm inputs are subsidised and producer prices are guaranteed. The social security system is being strengthened. Who is and how are we paying for all these? The loans will run out sooner rather than later.

usaguy Thursday, 25 June 2015 10:48 AM

This offer has opened a new way for fraud. young people are opening FDS in their elderly parents names. how do you stop that via DM Android App

upali Thursday, 25 June 2015 11:24 AM

You all are responsible for every downfall of this country. This time by supporting to erect Yahapalanaya.

Vasa Thursday, 25 June 2015 01:56 PM

Nic details will reveal the fraud.if you have the information pass on.do nt speculate.

Sapumal Thursday, 25 June 2015 03:32 PM

Yahapalanaya saved the country from downfall

sacre blieu Friday, 26 June 2015 09:50 AM

everything is beautiful, every prospect pleases, it is man that makes it vile. Most good and sound scheme ends up like a dirt heap when a politician and corrupt officials put their finger into it.

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Banks refusing to pay guaranteed 15% interest: JVP

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