Asset rich People’s Bank has stepped into boost Sri Lanka education sector extending assistance to modernise the country’s traditional teaching methods.
PB’s asset base increased by 6.6 percent to Rs. 1,997 billion as at end April 2020 from 38 Rs. 1,873 billion as at end 2019.
The deposit base of the bank increased marginally to Rs. 1,563 billion as at end April 2020 from Rs. 1,491 billion as at end 2019.
Loans and advances increased by 10.9 percent to Rs. 1,535 billion in the first four months of 2020. Non-performing loan (NPL) ratio of the bank has increased marginally to 3.4 percent in the first four months of 2020.
PB recorded a profit before tax of Rs. 6.8 billion in the first four months of 2020, compared to Rs. 6.6 billion in the same period of 2019.
With this financial achievement, People’s Bank has introduced a special loan scheme for teachers to purchase laptops/tablets/PCs so that they are able to carry out online education in an efficient manner.
Sri Lanka’s education sector cannot progress by relying only on traditional teaching methods.
In order to overcome this challenge and with the aim of uplifting the education sector, People’s Bank has introduced a special loan scheme.
Those eligible for this loan scheme include permanent teachers in Government schools, pirivenas and technical colleges, Government-approved private schools, as well as Buddhist monks involved in teaching. Loans of up to Rs. 120,000 can be obtained at a minimum interest rate of 9.5% per annum for a maximum repayment period of three years.
This loans scheme that has been introduced by People’s Bank to boost the education sector can be obtained through its islandwide branch network. Further information can be obtained from the nearest People’s Bank.
(LIN)