News
BOC enhances benefits for expatriate Lankans to support country’s foreign remittances inflows
by R.M.N. Jeewantha
DGM International, Treasury and Investment – Bank of Ceylon
Enhancing convenience for Sri Lankan expatriates with the assurance of highest possible benefit for the hard earned money from overseas assignments they are engaged with, the Bank of Ceylon offers an array of services and products seamlessly through its multi-faceted service channels.
Apart from its specially formulated accounts that offers best possible benefits to the account holder, the Bank has established a service channel that adds value o throughout the transaction process. Enabling expatriates to access the remitting facility seamlessly the bank has placed its representative network across the globe ensuring a secured, reliable, convenient and fast fund remittances service. BOC has deployed 26 Business Promotion Officers (BPO) in seven key foreign employment destinations for Sri Lankans, while providing the services in three countries, offsite.
With the help of the bank’s representative network customers can avail themselves to remit their funds through BOC Smart Remit facility which has been recognized as one of the fastest and most secured remittance transfer services and with the recent system upgrades, it provides real- time fund transfers for BOC customers across the world.
To assure customers that they receive the best attention they require at all times with regard to all their inquiries BOC has formed the “BOC Foreign Circle”, the international support service unit dedicated to response queries related to foreign remittances transactions and other services available for them. which includes instant account opening, obtaining ATM and other cards, loans and online banking services. BOC encourages the Sri Lankan expatriate community to avail themselves of these products and services by simply contacting the BOC Foreign Circle through WhatsApp, Viber or IMO through the following numbers for more information and assistance: 0707 203 203, 0707 204 204, 0707 205 205.
The BOC Personal Foreign Currency Account (PFCA) which is embedded with unique features remains a key product in the portfolio of BOC’s foreign exchange products. Any expatriate Sri Lankan and their family members living in Sri Lanka is eligible to open a PFCA with BOC. BOC Special Deposit Account (SDA) which offers attractive interest rates is another popular product among the expatriate community. While offering the best market interest rates, BOC foreign currency accounts come with a 100% guarantee on the deposit holders’ funds.
Encouraging inward remittance to come through proper channels that would enable the country to benefit largely, the bank introduced “BOC’s Pita Pita Rata Thegi” promotion which has become a successful initiative that rewards and incentivize expatriate Sri Lankans for their patriotism. The expatriates stand the opportunity to win back-to-back valuable gifts in daily, weekly and monthly draws including a grand price, a luxury villa worth Rs. 30 million in the latest Pita Pita Rata Thegi promotion.
Promoting the awareness of risks associated with such unofficial cross-border fund transfer channels and to convince to use secure banking channels, BOC initiated number of awareness programs and campaigns including hosting an exclusive TV programme ‘Ethera Methara’ on Rupvahaini and a radio programme titled ‘Ran Kahvanu’ on SLBC and has built a closer relationship with many respective customers.
Aligned with the Government’s recently announced special incentive scheme for the migrant workers a concession to import electric vehicles based on their level of foreign currency remittances through official banking channels, BOC is already underway to implement this scheme by initiating discussions with the Ministry of Labour and Foreign Employment to partner with the Government.
BOC also plays a major role in pre-departure loan facilities for foreign employment seekers who have registered with Sri Lanka Bureau of Foreign Employment (SLBFE). Recently the bank decided to extend pre-departure loan facilities for foreign employment candidates irrelevant of their destination. Further, to granting financial relief to foreign employment seekers amidst rising travel expenses, the Bank has decided to further reduce interest rates on pre-departure loans.
Bank of Ceylon overseas presence consists of foreign branches in Chennai, Male, Hulhu-Male, Seychelles and a banking subsidiary in London along with a strong affiliation with the international banking network developed over the years.
Over the past 83 years, Bank of Ceylon continues to cement its position as the No.01 Bank in the country while serving the national interest, as reflected by numerous global and local accolades. Bank of Ceylon was yet again recognized among the world’s top 1,000 banks by ‘’The Banker Magazine UK”. BOC operates 648 branches connected online and maintains 1,415 ATMs, CDMs, and CRMs altogether with more than 2,000 touch points spreaded across the nation.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
