The Bank of Ceylon (BOC) and Sri Lanka Post have joined forces in a landmark partnership aimed at improving access to banking services across Sri Lanka. This initiative leverages BOC’s banking expertise and Sri Lanka Post’s vast network, beginning with 100 post and sub-post offices, to provide financial services to underserved communities nationwide.

The partnership was officially launched in Colombo, with key dignitaries in attendance, including Central Bank Governor Dr. Nandalal Weerasinghe, BOC Chairman Kavinda de Zoysa, Postmaster General Ruwan Sathkumara, and other senior officials. A Memorandum of Understanding (MOU) was signed, signifying the shared commitment of these long-established institutions to address financial inclusion challenges.

At the heart of this initiative is BOC Connect, an agent banking model introduced in 2021. Now integrated with Sri Lanka Post’s trusted network, it allows communities to conduct everyday banking—such as deposits, withdrawals, bill payments, and fund transfers—closer to home. This reduces travel time and costs for rural residents while offering an environmentally friendly approach to banking.

BOC Chairman Kavinda de Zoysa emphasized the collaboration’s transformative potential: “This partnership brings together two of Sri Lanka’s most trusted institutions to create accessible, convenient, and reliable banking solutions for rural communities.”

Security and convenience are central to the service. Transactions are verified using one-time passwords (OTPs) sent to customers’ mobile phones, coupled with National Identity Card (NIC) checks. This dual-authentication system ensures a seamless and secure banking experience, particularly benefiting groups like the elderly, differently-abled individuals, and small business owners.

BOC General Manager/CEO Russel Fonseka highlighted the operational benefits: “By linking urban and rural financial systems, this model empowers small businesses and facilitates remittances, making financial inclusion a reality for all Sri Lankans.”

Families reliant on foreign remittances will also benefit, as the service offers a convenient way to access funds without long commutes. Additionally, availability on Saturdays adds flexibility for busy customers.

Postmaster General Ruwan Sathkumara expressed optimism about the partnership: “By collaborating with Sri Lanka’s largest state bank, we aim to provide secure, technology-driven financial services that benefit all Sri Lankans.”

Equipped with advanced Point-of-Sale (POS) systems and trained staff, Sri Lanka Post is well-positioned to deliver accurate and efficient banking services. The initial rollout of 100 locations is just the beginning, with plans for a nationwide expansion to ensure equitable access to financial services.

This partnership marks a significant step toward bridging urban-rural financial gaps and solidifying Sri Lanka Post’s role as a community-focused institution.

Dr. Tilak Siyambalapitiya, Chairman of the Ceylon Electricity Board (CEB), recently stated that additional reductions in electricity bills for low-income users are not viable, citing the current 80% subsidy extended to this group.

Speaking during a panel discussion on the energy sector, Dr. Siyambalapitiya highlighted the financial burden of the existing subsidy framework and emphasized the importance of sustainable practices in the sector.

“Low-income households currently enjoy an 80% subsidy. For a bill of Rs. 1,000, they pay just Rs. 200. This is funded through cross-subsidization, where commercial users pay Rs. 1,400 for a Rs. 1,000 bill, and industrial users pay Rs. 13,000 for a Rs. 10,000 bill,” he explained.

Sri Lanka has implemented notable tariff subsidies for low-income households and specific user groups. As of 2024, the key features include:

Low Consumption Households (Under 30 Units): The unit price was reduced from Rs. 8 to Rs. 6, and the fixed monthly charge was lowered from Rs. 150 to Rs. 100.

Households consuming less than 30 units experienced a total bill reduction of up to 33%, while moderate users (31–90 units) saw reductions of 28–30%.

Religious institutions received a 30% reduction in electricity tariffs.

These changes, introduced by the Public Utilities Commission of Sri Lanka (PUCSL), aim to ease financial strain on low-income groups and improve energy affordability.

Dr. Siyambalapitiya’s remarks follow assurances from Cabinet Spokesman and Minister Dr. Nalinda Jayatissa, who earlier this week promised significant benefits for the public in the upcoming electricity tariff revision. The CEB is scheduled to present the revised tariff proposal to the PUCSL on December 6.

Dr. Siyambalapitiya clarified that Sri Lanka’s electricity sector operates without government or international subsidies, relying instead on a policy of balancing income and expenditure without aiming for profit. While subsidies for certain consumer groups are embedded in this model, there is no scope to increase the existing levels further.

“We must gradually reduce the percentage of subsidies provided. There are limits to how much subsidies can be expanded. Financial sustainability, not further subsidy expansion, should be the priority,” he emphasized.

The Chairman also expressed optimism about long-delayed energy projects, noting progress under the current administration. “We look forward to advancing projects that have been stalled for 40 years, ensuring they move forward at the right time and the right price,” he remarked.

The Ceylon Electricity Board (CEB) has formally submitted its latest electricity tariff proposal to the Public Utilities Commission of Sri Lanka (PUCSL), recommending no changes to the existing tariff structure for the next six months.

This decision, according to the CEB, seeks to provide stability for consumers during ongoing economic challenges. The proposal reflects the CEB’s commitment to balancing operational requirements with the need to mitigate the financial burden on the public.

The PUCSL is expected to review the submission and make its decision in the coming weeks.

1. The Resolution on the Vote on Account for the first four months of 2025 was passed in Parliament without a vote. The Resolution on the Vote on Account, which facilitates the uninterrupted continuation of government operations and debt servicing for the first quarter of 2025, were presented to Parliament on 03 December.
2. Leader of the House, Minister Bimal Rathnayake, announced that the position of Chairman of the Committee on Public Accounts (COPA) will be granted to the opposition. He made this statement in response to a query in Parliament regarding the Parliamentary Affairs Committee or the Party Leaders’ meeting.
3. The Supreme Court has issued an interim injunction order preventing the implementation of a Gazette notification issued by the previous government to increase the annual fee for liquor licenses. The three-judge bench, comprising Justices A.H.M.D. Nawaz, Kumuduni Wickramasinghe, and Priyantha Fernando, issued this order while granting leave to proceed with the fundamental rights petition filed by the Sri Lanka Liquor Licensees’ Association.
4. The Ceylon Electricity Board (CEB) has submitted its electricity tariff revision proposal to the Public Utilities Commission of Sri Lanka (PUCSL). In its proposal, the CEB has stated that the existing tariffs will continue further for the next six months.
5. U.S. Assistant Secretary of State for South and Central Asian Affairs, Mr. Donald Lu, paid a courtesy call on Prime Minister Dr. Harini Amarasuriya at the Parliament of Sri Lanka. The meeting focused on enhancing bilateral relations, addressing Sri Lanka’s economic challenges, and exploring opportunities for educational and governance collaboration.
6. Sri Lankan authorities are bringing together all stakeholders in tourism at a conference in January to finalise a nation branding strategy to propel the industry which is enjoying a period of growth, officials said.
7. A U.S. delegation led by Assistant Secretary of State for the Bureau of South and Central Asian Affairs (SCA), Donald Lu, met with Sri Lanka’s Foreign Minister, Vijitha Herath. The delegation included representatives of key agencies such as the United States Agency for International Development (USAID) and the U.S. Department of Treasury, which have played integral roles in Sri Lanka’s economic recovery.
8. Former State Minister Lohan Ratwatte, who was released on bail yesterday, has been arrested at Kollupitiya following a traffic accident. Police said the former state minister was arrested due to driving under the influence of alcohol. A Land Rover Defender driven by the former parliamentarian had collided with a car in the Kollupitiya area while he was driving under the influence of alcohol, police said.
9. Sri Lanka’s first-ever vision-impaired Member of Parliament, Sugath Wasantha de Silva addressed the Parliament today, marking a historical moment in Sri Lanka’s Parliament. MP Sugath Wasantha de Silva was appointed as a Member of Parliament through the National List of the National Peoples’ Power (NPP) led by President Anura Kumara Dissanayake.
10. The Asian Cricket Council (ACC) today announced that Mr. Shammi Silva, President of Sri Lanka Cricket, has officially assumed the Presidency of the ACC.

December 07, Colombo (LNW): The Supreme Court yesterday issued an interim order suspending the operation of Gazette Notification No. 1/2024, which significantly increased annual excise license fees. The notification, issued by former President Ranil Wickremesinghe in his capacity as Finance Minister, had raised fees for distillery licenses from Rs. 1 million to Rs. 25 million and for Palmyra arrack licenses from Rs. 250,000 to Rs. 5 million.

The three-judge bench comprising Justices H. M. D. Nawaz, Kumudini Wickramasinghe, and Priyantha Fernando granted leave to proceed with a Fundamental Rights petition filed by the Sri Lanka Liquor Licensees Association. The association argued that the steep fee hike was unreasonable, caused severe financial hardship, and violated their constitutional rights.

The petitioners requested the Court to reinstate the levies outlined in a 2017 gazette notification, claiming the recent increases were unjust. The Finance Ministry Secretary and other officials were named as respondents in the case.

This interim order ensures that the excise license fees under Gazette No. 1/2024 will not be enforced until the case is resolved.

December 07, Colombo (LNW): Badulla District NDF MP Chamara Sampath Dassanayake voiced concerns in Parliament yesterday over the challenges faced by the public in accessing essential goods through Lanka Sathosa. Highlighting the plight of private-sector employees and laborers, Dassanayake urged the Government to ensure essential items are made available at reasonable prices without shortages. “People cannot stand all day long at Lanka Sathosa to buy five kilos of rice and coconuts,” he stated.

SJB MP Kabir Hashim raised questions about budget allocations for the Presidency, asserting that the expenditure head assigned to the current President mirrors that of the former. Hashim criticized government officials for providing misleading information, stating, “It is the officials who are misleading you. We were also misled by these officials in the past.”

He further criticized ruling party members for not fulfilling earlier promises, including the removal of the Central Bank Governor, adding, “You can have professor and doctor titles. We are not jealous of them. But there are things to learn from us too.”

Hashim’s remarks reflected broader concerns about governance and financial transparency, drawing attention to the consistency in budgetary allocations despite political transitions.