The banking system bears a significant cost in providing cash transaction services through ATM machines, the Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe has stated.

He made this assertion during a special discussion held between President Anura Kumara Dissanayake and heads of banks and financial institutions, the President’s Media Division said in a statement.

Following the launch of the National QR Payment Promotion Initiative, a meeting between President Dissanayake and the heads of banks and financial institutions was held today (06) at the Presidential Secretariat.

The President explained the responsibility entrusted to banks and financial institutions in ensuring the success of the National QR Payment Promotion Initiative, which was launched today marking a new milestone in Sri Lanka’s digital transformation.

The President also discussed the support that can be extended by the country’s banking system to make this method more convenient and appealing to the public.

Extensive discussions were also held on the urgent measures required to address any obstacles encountered in implementing the programme and to ensure its rapid adoption across society.

Expressing his views, the Governor of the Central Bank, Dr. Nandalal Weerasinghe pointed out that the provision of cash transaction services through ATMs imposes a significant cost on the banking system, the PMD noted.

He noted that the transition to the new method of transactions would enable a reduction in such costs.

The Central Bank Governor further emphasised that the new system would offer a more efficient, reliable and secure method for the public.

Representing the banking sector, Acting General Manager and Chief Executive Officer of the Bank of Ceylon, Y. A. Jayathilaka stated that programmes are already being implemented to encourage the public to carry out transactions through digital platforms.

He further affirmed that the banking system would extend its fullest support to the Government’s new initiative and contribute towards steering the country towards a digital economy.

The meeting was attended by Deputy Minister of Digital Economy, Eranga Weeraratne, Senior Presidential Adviser on the Digital Economy Dr. Hans Wijayasuriya, Secretary to the Ministry of Finance, Planning and Economic Development, Dr. Harshana Suriyapperuma, Secretary to the Ministry of Digital Economy Varuna Sri Dhanapala and Senior Additional Secretary to the President Russell Aponsu.

Also present were Chairman of the People’s Bank, Professor Narada Fernando, Chairman of the Bank of Ceylon Kavinda de Soysa, Chairman of Commercial Bank Sharhan Muhseen, Managing Director and Chief Executive Officer of Sampath Bank Sanjaya Gunawardena and Managing Director and Chief Executive Officer of Hatton National Bank, Damith Pallewatte along with a number of other heads and representatives of state and private banks and financial institutions.