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ComBank honoured with six awards by Indian Chamber of Commerce

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Commercial Bank’s AGM Personal Banking Ms Mithila Shamini receiving one of the awards on behalf of the Bank.

The Indian Chamber of Commerce (ICC) recently honoured the Commercial Bank of Ceylon with six prestigious awards, two in respect of Sri Lanka and four for the Bank’s Bangladesh operation, joining the many international bodies that have recognised the country’s leading private sector bank with accolades this year.

The ICC recognised Commercial Bank as the ‘Best Bank in Sri Lanka’ and for ‘Best Performance on Risk Management’ among Sri Lankan banks, and presented Commercial Bank Bangladesh the awards for ‘Best Performance on Asset Quality,’ ‘Best Performance on Growth,’ ‘Best Performance on Risk Management’ and ‘Best Performance on Profitability.’

These awards were presented at the ICC’s Emerging Asia Banking Conclave and Awards in Goa, India in July, to recognise and reward banks in the seven countries that belong to the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) for extraordinary steps in the growth and spread of emerging Asian banking. The awards were presented on the basis of applications assessed by PricewaterhouseCoopers (PWC). Commercial Bank was the only Sri Lankan Bank to be honored at the awards ceremony.

Commenting on the recognition accorded to Commercial Bank by the Indian Chamber of Commerce, the Bank’s Chief Operating Officer S. Prabagar said: “The challenges faced by banks in the BIMSTEC countries as well as the expectations of customers and regulators, are fairly similar. Being assessed by a panel of eminent banking industry personalities from the region is therefore of particular value, and we are extremely pleased to win the award for Best Bank in Sri Lanka as well as five Best Performance awards for our operations in Sri Lanka and Bangladesh.”

Focusing on the stellar role played by banks in promoting economic growth and using monetary policy as an engine of growth during the times of the pandemic and the post-pandemic war in Europe, the awards considered the best practices and innovative steps taken by banks to overcome the myriad challenges they faced in their operations. Innovation in payment systems, digital asset management, anti-money laundering, big data analytics, cyber compliance and regulatory compliance, empathy, financial health and guidance of their clientele were among the aspects assessed for the awards.

The awards jury comprised of stalwarts from the banking industry, and some of the quantitative factors considered for the awards presented to Commercial Bank included key financial indicators such as Total assets, Gross and net advances, Deposits, Total investments, Total interest earned, Profits, Operating expenses, Gross non-performing assets, Yield on investments, Liquidity coverage ratio and Capital adequacy ratio. Other aspects such as advances made towards renewable energy projects, energy efficiency improvement projects, pollution control projects, water conservation and treatment projects, waste management projects and forest regeneration projects, and CSR expenditure were also assessed.

Founded in 1925 and headquartered in Kolkata, the Indian Chamber of Commerce is one of the most proactive and forward-looking Chambers in India today. Its membership spans some of the most prominent and major industrial groups in India. Set up by a group of pioneering industrialists led by Mr G. D. Birla, the Indian Chamber of Commerce was closely associated with the Indian freedom movement, as the first organised voice of indigenous Indian industry.

Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 271 branches and 957 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.



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Cut power bills by 3-5%, don’t hike them, consumers demand

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By Anuradha Hiripitiyage

Electricity tariffs should be reduced by between 3 and 5 percent instead of being increased by 2.88 percent in the fourth quarter, as proposed by the National System Operator (NSO), Electricity Consumers’ Association Secretary Sanjeewa Dhammika said.

Addressing a media briefing in Maradagahamula, Divulapitiya, Gampaha, yesterday (16), Dhammika said a proper assessment of electricity generation costs, including the contribution of hydropower, could justify a reduction in tariffs.

He said the NSO had sought approval from the Public Utilities Commission of Sri Lanka (PUCSL) for a 2.88 percent tariff increase, which was expected to generate an additional Rs. 4,438 million.

However, the Commission had indicated that an increase of only 1.46 percent was warranted, amounting to Rs. 2,245 million, he said, adding that even this increase was unnecessary.

Dhammika alleged that the proposed revision sought to pass on to electricity consumers the financial burden arising from the non-arrival of five coal shipments and failed tenders.

“The Government had said that the burden of coal-related losses would not be passed on to the public. It is therefore unjust to make consumers bear these costs,” he said.

He pointed out that the PUCSL had forecast that hydropower would account for 32.34 percent of total electricity generation in the coming quarter, while the cost of such generation would represent only 3.45 percent of the overall cost of electricity production.

Consumers should benefit from the lower cost of hydropower generation rather than bear the burden of more expensive thermal power generation, he said.

Dhammika also questioned the inclusion of Rs. 669 million in capacity charges that had not been approved by the PUCSL, as well as a further Rs. 1,069 million to repay loans relating to incomplete projects.

Including such charges in the proposed tariff revision was unjustifiable, he said.

The PUCSL has given the public until October 30 to submit their views on the proposed tariff revision.

Dhammika said the possibility of increased hydropower generation in the coming weeks, as reservoir levels rise, should also be taken into account when determining electricity tariffs.

He maintained that tariffs could be reduced by 3 to 5 percent if hydropower generation was properly assessed and coal-related losses and unapproved charges were excluded from the calculations.

He further claimed that electricity tariffs could be reduced by as much as 10 percent through the promotion of renewable energy and the effective use of solar power and battery storage systems.

The Electricity Consumers’ Association urged the Government to withdraw the proposed tariff increase, insisting that consumers should not be made to bear costs arising from coal supply problems and other disputed charges.

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Asgiri Mahanayake calls for immediate release of Gnanasara Thera

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Most Ven. Warakagoda Sri Gnanaratana Mahanayake Thera

By S.K. Samaranayake

Most Ven. Warakagoda Sri Gnanaratana Mahanayake Thera of the Asgiri Chapter has called for the immediate release of Ven. Galagodaaththe Gnanasara Thera, who is currently serving a prison sentence, following a court ruling.

The Asgiri Mahanayake made the appeal when a delegation of senior prison officials, including Assistant Commissioner of Prisons and Director of Operations Senaka Pallegedara, called on him on the 16th.

During the meeting, the prelate warned that the continued incarceration of Ven. Gnanasara Thera could lead to a volatile situation and cause public agitation.

Responding to the appeal, the prison officials informed the Mahanayake Thera that the authority to order the release of Ven. Gnanasara Thera did not rest with the Prisons Department but with the President.

Other senior prison officials, including Rajeev Srimal Silva, Sampath Warnakulasooriya and Mangala Welivita, were also present at the meeting.

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Lanka Air Force joins multinational exercise in India

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A Sri Lankan Air Force Beechcraft King Air 360ER during Exercise Tarang Shakti 2026. Photograph: Sri Lanka Air Force

The Sri Lanka Air Force participated in a multinational air exercise in India, alongside the air forces of the United States, France and Germany, as Sri Lanka continues to expand military cooperation with foreign countries.

A Sri Lankan Air Force Beechcraft King Air 360ER aircraft, and a six-member crew, took part in Exercise Tarang Shakti 2026, held at Air Force Station Jodhpur, from September 26 to October 12.

The exercise was hosted by the Indian Air Force, under the theme “Power in Partnership,” and involved Australia, Bangladesh and the United Arab Emirates, among other participating countries.

According to the Sri Lanka Air Force, the exercise was aimed at enhancing operational cooperation and interoperability among participating air forces and providing opportunities to share tactics and operational experience.

India’s public broadcaster reported that the exercise included training and experience in planning and conducting joint multinational combat operations, including counter-air, air defence, reconnaissance and air-to-air refuelling missions.

The exercise also involved 32 countries as observers.

Sri Lanka’s participation comes amid increased military engagement with foreign partners. India and Sri Lanka recently exchanged 240 military personnel under a tri-service exchange programme.

Sri Lankan military personnel also recently participated in a counter-terrorism exercise with Russia, while a senior US Army Pacific official visited Sri Lanka and discussed opportunities for greater joint training.

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