Change Of Address

Pramuka Bank's operations have been shifted to the Central Bank's Staff Training Centre in Rajagiriya, freeing up precious millions to pay up depositors, the Central Bank said Thursday. Pramuka Bank's operations have been shifted to the Central Bank's Staff Training Centre in Rajagiriya, freeing up precious millions to pay up depositors, the Central Bank said Thursday. The move to Rajagiriya saves up Rs. 1.2 mn on rent, while a further Rs. 2.0 mn expense is cut by way of not paying utility bills, security and building maintenance, the Central Bank said.

As the liquidation process gathers steam, the Central Bank and the Attorney General's Dept. is exploring provisions in the Banking Act and Companies Act to prosecute directors and senior management of the failed Pramuka Savings & Development Bank.

Pramuka collapsed in October 2002 under piles of bad debts owing millions to smalltime depositors, who got carried away by its high yielding interest rates.

But its liquidation process got bogged down, after depositors got court approval to force the Central Bank look at alternative methods before liquidation.

After nearly two years of trying, the Central Bank decided to wind