40% of the foreign exchange received by Sri Lanka is sent by Tamils abroad, said the Northern Governor Dr. Suren Ragavan
Dr. Ragavan was participating in the “Kooduravalar Sangamam” held at Vavuniya and speaking to the gathering when he said this.
Earlier cooperatives provided micro loans on a humanitarian basis. In these days micro finance companies are there but humanity is not found in them.
The Coops have got together and formed a Cooperative Development Bank.
The income of Sri Lanka now is from the money sent by Sri Lankans abroad. It amounts to 7 Billion US$. 40% of this is sent by Tamils abroad. If they offer to maintain at least one percent of it with our Cooperative Development Bank , it will have an inherent talent of becoming a National Level Bank.
We are in consultation with the Central Bank Governor regarding this and if it is successful, the Coop Banks will achieve a great growth and number of services they could provide to the people also will increase.