“It is the banks that safeguard the country’s economy. More than 60 per cent of the total deposits in banks in Sri Lanka are less than Rs 5,000. Most of the deposits in banks are held by the poor people of the country. Therefore, the government will always safeguard them.” the State Minister told Parliament.

“Banks have recovered only a total of Rs 17 billion through Parate Execution during the past few years. Parate execution right is the rights given to banks to recover non-performing loans by auctioning assets which the borrowers had kept as collateral when obtaining loans.

Banks have the legal rights to perform Parate execution to recover loans more than Rs 5 million,” the State Minister said.