The origins of the Regional Development Bank (RDB) can be traced back to 1985 when district-level banks, categorized as Regional Rural Development Banks, were established. Subsequently, in 1997, seventeen of these rural regional development banks were consolidated into six provincial-level banks, operating as Rajarata, Ruhuna, Wayamba, Uva, Kandurata, and Sabaragamuwa Development Banks.
In May 2010, these six banks were amalgamated into a single national-level bank, designated as the Pradheshiya Sanwardana Bank (Regional Development Bank/RDB).
As the newly appointed Chairman of RDB, Mr. W.A. D. S. Gunasinghe recently sat down for an interview with the Sunday Observer Business.
Mr. W. A.D. S Gunasinghe has been appointed as the newest Chairman of RDB bank. He is an outstanding academic performer, holding a Master’s Degree in Agriculture from the State Agriculture University of Kharkov, Ukraine, an MA in Development Studies specializing in Regional Development from the Institute of Social Studies in The Hague, the Netherlands, and a Post Graduate Diploma in Development Planning from the University of Colombo.
As an officer of the Sri Lanka Planning Service, he has served in various Ministries, including as Director of the National Planning Department, Additional Director General of the Department of National Budget, and Additional Secretary to the Ministry of Development Strategies and International Trade, Ministry of National Heritage. Mr. Gunasinghe’s career in the Government culminated in his recent role as the General Manager of the Railways Department.
Gunasinghe is also a respected administrator, having served in multiple institutions such as the State Printing Corporation, Institute of Apparel and Textile, Tea Research Institute, UDA, Agarapathana Plantations, and as a former Member of the Board of Directors of the Lankaputhra Development Bank.
An alumnus of Ananda College Colombo, Mr. Gunasinghe brings a wealth of experience and expertise to his new role as Chairman of RDB bank.During this insightful conversation, Mr. Gunasinghe shared valuable insights into the current state and future aspirations of RDB.
Q: Could you provide an overview of RDB’s journey from its inception to the present day?
A: RDB was established as a statutory body under the Pradheshiya Sanwardana Bank Act No.41 of 2008, with the aim of improving the living standards of rural communities by providing accessible and affordable credit facilities. Initially, the bank operated on the “barefoot banking concept,” focusing on providing innovative yet straightforward financial services to those at the middle and bottom of the income pyramid.
Over the years, RDB has focused on empowering its customers in the micro, small, and medium-scale industries, as well as women, and the agriculture, livestock, and fisheries sectors.
By doing so, the bank aims to contribute to the country’s economic development. RDB has also taken steps to promote the savings habit among rural people by offering higher returns on savings and fixed deposits, and by encouraging school children and minors to save.
The results of these efforts have been highly encouraging. Today, RDB boasts a loyal customer base of over 6 million and operates 272 service points. The bank has also created employment opportunities for over 3,000 staff members. This growth and success are a testament to RDB’s commitment to serving its customers and contributing to the development of rural communities and the nation as a whole.
Gunasinghe emphasized the importance of RDB’s role in supporting the development of the country’s economy. He highlighted the bank’s commitment to providing financial assistance to various sectors, including agriculture, livestock, business, industry, and tourism, through its low-interest refinance scheme.
Mr. Gunasinghe also discussed RDB’s efforts to enhance customer experience, RDB steps towards digital tools, such as “Gamata Digital” with newly introducing digital transformation and online accounts opening (EKYC) and QR code payments, debit cards, the RDB Quick online App, and internet banking.
Also RDB startup digital market place to promote our entrepreneur’s product and services to create potential market local and foreign through ‘selilama.lk’.
Gunasinghe expressed his vision for RDB’s future, emphasizing the bank’s dedication to fostering economic growth and financial inclusion.
He underscored the importance of innovation and technology in achieving these goals, stating that RDB would continue to invest in digital solutions to better serve its customers. Overall; Mr. Gunasinghe’s interview shed light on RDB’s commitment to supporting the nation’s economic development and its efforts to provide innovative and convenient banking solutions to its customers.
Q: Could you elaborate on the specialized savings products offered by RDB to its customers?
A: RDB offers a range of specialized savings products tailored to meet the diverse needs of its customers. These include savings accounts designed for children, teenagers, and women, as well as fixed deposit accounts and accounts specifically for senior citizens.
RDB provides a pension scheme to help customers plan for their retirement.In terms of credit lines, RDB offers a low-interest refinance scheme for various sectors, including agriculture, livestock, business, industry, and tourism.
This scheme aims to provide financial support to these sectors and promote their growth.RDB also provides convenient access to funds through its extensive network of 5000 ATM units island-wide, which are equipped with Lankapay services.
Recently, RDB introduced a free fuel pass for its customers, further enhancing the benefits of banking with RDB.Moreover; RDB is committed to embracing digital innovation and has introduced a digital platform for its customers.
Q: Could you elaborate on the special events and CSR projects undertaken by RDB?
A: RDB is committed to fostering entrepreneurship and supporting local communities through various initiatives. One such initiative is the RDB Diri Abhimani programme, which recognizes and rewards outstanding female entrepreneurs.
This programme not only celebrates the achievements of women in business but also encourages and inspires others to pursue entrepreneurship.In addition to its focus on entrepreneurship; RDB is also involved in several CSR projects aimed at improving the lives of people in rural and remote areas.
For example, the bank has established warehouses in Galenbindunuwewa, Upuldeniya, Mannar, Monaragala, and Ampara to store grain and paddy, ensuring food security and stability for farmers.
RDB actively participates in disaster relief efforts, such as providing flood relief and supporting tree planting initiatives to mitigate the effects of climate change. The bank also contributes to improving the quality of education by constructing sanitary units for schools in remote areas, promoting hygiene and sanitation among students.
Recently, RDB introduced a free fuel pass for its customers, further enhancing the benefits of banking with RDB. Overall, RDB’s special events and CSR projects reflect its commitment to supporting entrepreneurship, empowering communities, and contributing to the overall development of the country.
