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HDFC bank signs mou with cbsl for self employement promotion initiative (SEPI) loan scheme
Housing Development Finance Corporation Bank of Sri Lanka (HDFC) signed a Memorandum of Understanding with the Central Bank of Sri Lanka recently with the objective of empowering the self-employed sector in the country. This Self Employment Promotion Initiative ("SEPI") loan Scheme will focus to provide financial assistance to trained youth who pass out from vocational training institutions, come under the purview of Ministry of Skill Development and Vocational Training (MSDVT) to start self-employment projects.

Though the trainees gain knowledge and skills in different technology areas and are fully competent, it is difficult for them to find a job since most of the industries are located in urban areas and lack of financial facilities is a major barrier for emerging them as entrepreneurs. Hence the ‘Self Employment Promotion Initiative (SEPI) will provide financial assistance to these trained youth who have completed the courses from recognized vocational training institutes, for establishment of their own self-employment projects.

The new loan scheme covers categories of Agriculture, Industrial, Information Technology, Automotive, Construction, Electronic & Telecommunications, Food, Refrigeration & Air condition, Farm Machinery, Digital Imaging and Printing, Jewelry designing and manufacturing, Welding & Fabrications sectors and other innovative technology areas. HDFC Bank expects to fulfill the financial needs of the youth who have undergone a professional training in a specific field from the vocational training institutions to start their own enterprise through SEPI Loan Scheme.

HDFCs primary objective has always been to serve lower and middle income groups to meet their needs of housing finance and allied services. With the amendment of the HDFC Act in 2011, the bank was able to diversify business operations. Under the new broader operations mandate, the Bank entered the Countrys leasing, Micro Finance, SME and Microfinance Markets. The bank has introduced National Agribusiness Development Loan Scheme, Commercial Scale Dairy Development loan scheme and "Saubaghya" SME loans schemes recently and are more popular among the clientele. The Banks mobile banking concept has widened the operational scope far beyond the physical limits of the branch network and has enabled the Bank to directly access thousands of customers located in rural and semi urban areas.

Picture shows the signed agreement being exchanged between Mr.Upali Hettiarachchi CEO/GM of the HDFC Bank and Mrs D.V.S Dayawansa Director Regional Development of the CBSL exchanges the copies of signed agreements. Mr W Ranaweera, Deputy Director, Mr Jayantha Abeyratne Senior Assistant Director of CBSL and Mr.Manjula Dissanayaka, Chief Manager Credit and Mr.Anura Dissanayaka Manager Development Credit of HDFC Bank were also present.