NDB lends over Rs.16.5bn under Saubhagya loan scheme to COVID-HIT biz
Accounts for 11% of total allocated funds for entire banking system Rs.11bn already disbursed among over 1,500 beneficiaries throughout country
NDB Bank has disbursed over Rs.16.5 billion worth of funds under the COVID-19 Saubhagya loan scheme, at the rate of 4 percent per annum, in a continuing demonstration of the bank’s commitment in supporting the economic recovery.
The bank has thus provided over 11 percent of the allocated Rs.150 billion by the Central Bank.
NDB Vice President SME, Middle Markets and Business Banking Indika Ranaweera said, “We have utilised these funds to support the businesses affected by t he pandemic, lending more than our market share. We have continued the support we provided to the SMES for the past four decades and t his stance was only further cemented during their times of need.”
NDB has fully exhausted the funding quota allocated to the bank under Phases I, II and III of the Saubhagya loan scheme.
The Central Bank of Sri Lanka i mplemented the Saubhagya loan scheme in April 2020, t o support businesses in their postpandemic recovery, which will be granted at 4 percent per annum t o COVID-19impacted companies, up to a maximum limit of Rs.50 million per company, under three phases, t o meet t he immediate working capital requirements. This scheme came to an end on September 30, 2020.
Sri Lanka’s leading ride sharing application, Pickme recently joined hands with NDB Bank to fully oversee the bank’s travelling and transportation requirements.
The partnership will enable swift and convenient mobility for the banking staff across all its branches.
Commenting on t his new partnership, Chief Operating Officer of Pickme Isira Perera said, “We are excited to have NDB Bank as our latest corporate client and we appreciate them for the trust placed on us; through this partnership we are determined to offer optimum convenience for the bank and its staff to deliver a swift and efficient service to its clientele. We are confident that we have the necessary resources and infrastructure to deliver a satisfactory service.”
Pickme already has an extensive portfolio of top-tier local and international clients including Abans, Sampath Bank PLC, DSI Samson Group, Brandix, Suwaseriya, DFCC, Mobitel, Dialog Axiata PLC, John Keells Holdings, MAS Holdings, Singer Sri Lanka, Nations Trust Bank & Hirdaramani Group.
Chief Operating Officer of NDB Bank Deepal Akuretiyagama said, “Pickme was our obvious choice given the exponential growth t he Company has accomplished within a short period of time which is a testament to their quality of service & work ethic.”
A fully homegrown Company, Pickme rose to profitability in a relatively short period of time through innovation. Today the company is valued at one billion rupees and is operational in all key towns in the country including Colombo, Kandy, Kurunegala, Matale, Gampaha, Kegalle and Kalutara facilitating convenient & safe transport to private passengers as well as its elaborate portfolio of Corporate clients. Pickme also delivers food from all leading restaurants in said cities while catering to customers’ logistical needs via its fleet of lorries and trucks.
Rising to the occasion during the COVID-19 lockdown, Pickme launched its Marketplace feature to enable customers shop safely and conveniently from the comfort of their homes. Pickme Flash was launched simultaneously to facilitate cashless-less and contact-less delivery of goods with real-time tracking via the Pickme app.
Pickme’s Board of Directors consists of Ajit Gunawardena as Chairman, Zulfer Jiffry as CEO, Conrad Dias (LOLC PLC), Dinesh Rodrigo (Interblocks Ltd.) and Ruchi Gunawardena (Managing Director – Brand Finance Lanka)as Directors.
The bank, which is the 4th largest listed bank in Sri Lanka, is one of the fastest growing banks, having had a cumulative average growth rate (CAGR) in advances by 21 percent and in deposits by 25 percent in the last four years.