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Special Notice for the Customers of the Co-operative Societies

Special Notice for the Customers of the Co-operative Societies

Ministry of Industry and Commerce

Department of Co-operative Development

 Special Notice of the National Committee for Regulating Co-operative Rural Banks and Other Co-operative Societies of Financial Services.

A National Committee on Regulating  Co-operative Rural Banks and other Co-operative Societies of Financial Services established by the Ministry of the Central Government of which the in charge of the subject since 2013 under the directions of the Commissioner of the Co-operative Development /Registrar and the Commissioner of Provincial Co-operative Development on the advice and guidance of the Central Bank of Sri Lanka as the Cabinet Decision of the Sri Lanka Democratic Socialistic Republic dated 18 July 2013.

The National Unit for Regulating Rural Banks and provincial co-operative banks established as such, regulate the Co-operative Societies which engages in financial affairs registering under the Act No. 05 of Co-operative Societies in 1972 and the Provincial Ordinance that had been approved by each provincial council.

Accordingly, hereby, it is emphasized that all co-operative societies which engages in financial affairs are compulsorily subject to follow circulars orders, advice and guidance issued by the co-operative development Commissioners on the decisions of the National Committee for Regulating Co-operative Banks.

Specially, since all co-operative societies have been made aware of deciding the interest percentages through circulars and guidelines for all deposits collected by the Co-operative Societies, the depositors should be attentive on a provision of a higher interest percentage than the existing ordinary interest rate in the country before depositing in co-operative banks and other financial bodies which engage in financial affairs.

It is kindly and further informed that depositors should act becoming aware of the interest rate imposed for the licensed banks and approved companies in Sri Lanka Central Banks, especially, in depositing money in  co-operative rural banks and other  co-operative societies of financial services.

National Committee on Regulating Co-operative Banks

Department of Co-operative Development

No 330, Union Place, Colombo 02.

 

T.P -0112330706

Fax -0112330706

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