Business and Economics
Two Indian banks to cease operations in Sri Lanka

The Central Bank of Sri Lanka has permitted Axis Bank Ltd and ICICI Bank Ltd to close down their business operations in Sri Lanka, subject to certain conditions, at the request of their parent banks.

Accordingly, these two banks are currently not permitted to carry on banking business, including accepting deposits from the general public.

The licences issued to them will be cancelled once the winding-up operations are completed.


Spiralation grooms Tech Startups whilst enriching National Economy

Spiralation, a tech-startup supportive program organized by the Information and Technology Agency of Sri Lanka (ICTA) facilitated 16 tech startups through seed funding, comprehensive training, workshops and guidance.

Twelve selected startups were funded 1.5 million each along with comprehensive training, endorsement by the government and opportunities to develop locally and internationally and the other four startups were provided with all-inclusive training and guidance.

Spiralation has up to now supported a total of 70 startups from various fields backing up with necessary guidance and utilities to help them develop into giant companies.

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Cargills FoodCity recognized for HRM practices

Cargills was awarded with an Excellence Silver award in the Service Sector for the Polonnaruwa District recently, at the Lak Rakiya Harasara National Award Ceremony, instituted to award employers who generate employment to visibly uplift the standard of living.

Sri Lanka’s largest supermarket retail chain, Cargills FoodCity created employment for the youth from the Polonnaruwa district for its newly-inaugurated outlet in the area. The recruitment was carried out with the support of Department of Manpower and Employment (DOME) with whom Cargills has been working closely since 2010 to employ locally.

Emerging the sole Winner from Polonnaruwa in the Service Sector, Cargills was stringently evaluated across Agriculture, manufacturing, Services and Self-employment sectors, by an independent panel of judges. Some of the selection criteria included the number of employment opportunities created within the district, the working environment and quality of service, career development opportunities, compliance to statutory requirements in terms of employee compensation and benefits, employee welfare and other benefits and the social responsibility of the organization. Apart from evaluating the application district wise, the outlets were visited and audited by the department officers. Cargills scored high on all these factors on account of its social stewardship. Enhancing Youth Skills is one of the key principles of the Cargills business philosophy and is demonstrated in the fact that as much as 70% of its work force is from rural Sri Lanka and 80% is below the age of 25.

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