Providing ATM services puts significant financial burden on banks – Central Bank Governor

The Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe, has highlighted that banks face high costs when providing cash services through ATMs. He made this comment during a special meeting with President Anura Kumara Dissanayake and leaders of banks and financial institutions, according to a statement from the President's Media Division. This meeting took place on October 6 at the Presidential Secretariat, following the launch of the National QR Payment Promotion Initiative. President Dissanayake discussed the important role that banks and financial institutions play in making this initiative successful, which marks a significant step in Sri Lanka's digital transformation. He also talked about how the banking system can help make this payment method easier and more appealing for the public. There were detailed discussions on the urgent actions needed to overcome any challenges faced in implementing the program and to ensure it is quickly embraced by society. Dr. Weerasinghe pointed out that using ATMs for cash transactions puts a heavy financial burden on banks. He mentioned that moving to the new transaction method could help lower these costs. The Central Bank Governor also stressed that the new system would provide a more efficient, reliable, and secure way for people to make payments.