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Central Bank grants Real Time Gross Settlement status to NSB in its 50th anniversary

The largest savings specialist bank of Sri Lanka, the National Savings Bank (NSB) has received the Real Time Gross Settlement status from the Central Bank at a time where the bank is commemorating its 50th anniversary this year, NSB announced

This special facility enables the bank to perform transfer of large sums of money on transaction-by-transaction basis, with secure and real time.

 RTGS facility enables NSB customers and its internal operations to transfer funds seamlessly and with the security and the supervision of CBSL, NSB  official  revealed. 

By using the RTGS system the customers can transfer any amount of funds to any other bank with the RTGS facility which means there’s no cap to money transfers.It can be used 24 x 7 x 365 days, people can enjoy the benefit of RTGS facility at their convenience with the NSB internet banking facility or using the NSB Pay app, where fund transfers can be initiated without visiting a bank branch. All the transactions are backed by the law means there’s a legal support for each transaction take place, he  added. 

Also, this is the first time a specialized bank is given the RTGS membership. General populace is familiar with some of the technical terms used in the financial industry like as; OD, TOD, FD, LC etc. 

With the intoduction of RTGS, the inter bank and fund transfer methods have shifted to another level. Especially when it comes to investing in treasury bills and securities the RTGS provids a very practical solution and it also enhances the quality of the customer service. 

With the implementation of the Bank’s Core Banking System and Treasury Management System the bank will be able to reap the full benefit of the RTGS membership.

The National Savings Bank’s gaining of  this membership was a long process and the employees who were responsible in securing the physical and technological know-how and assets are the main reasons behind this achievement, bank officials claimed. 

Inaugurated in 1972 by the late finance minister Dr. N.M. Perera the NSB today is a force to be reckoned with in the Sri Lanka’s finance industry. In its long journey the bank was able to revolutionize the banking sector by providing its services akin with new technology and new outlook.

Effects of the Covid 19 global pandemic was monumental, its negative impacts were felt across the Sri Lankan economy during 2020 and in 2021. Despite such atrocities the CBSL was able to safeguard our internal economy while stabilizing the monetary system. As a result, the NSB was able to earn a record-breaking profit in the 2021 financial year with the support of employees amid the pandemic.

The official event to mark the occasion was held at NSB head office on 1st February 2022 under the patronage of Governor of the CBSL. Ajith Nivard Cabral accompanied by Chairperson of NSB Ms. Keasila Jayawardena, Board of  Directors and the top management of the Bank. 

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