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Bank of Ceylon (BOC) was founded in 1939, with Sir Ernest de Silva as its first chairman. At the time, Ceylon was a British colony and the then governor Sir Andrew Caldecott ceremoniously opened the bank on 1 August. The British government introduced the banking arm for its government-oriented businesses.
The bank won a total of 53 awards locally and internationally in 2019. Out of the 53 awards won, the bank won the Bank of the Year 2019 award from the UK based The Banker magazine as well as the award for the Best Bank in Sri Lanka 2019 from the US-based Global Finance magazine. The bank was rated as the strongest bank brand in Sri Lanka for ...
Airport and Aviation Services (Sri Lanka) Limited; The Associated Newspapers of Ceylon Ltd; B.C.C. Lanka Ltd; B.O.C. Bank; CTB BUS; Lynx BUS; Building Materials Corporation Ltd
The Sri Lankan banking industry was changed during the late 1980s with the introduction of automation by private banking corporations. [10] Previously, few foreign banks were operating within Sri Lanka with few branches such as Hongkong and Shanghai Banking Corporation, etc. HSBC was using interactive electronic customer interfaces such as automated teller machines (ATMs).
In January 2016, Commercial Bank of Ceylon announced that for the first time in Sri Lanka's banking history that the users of the bank's online banking facility could make instant, real-time transfers of funds from their commercial bank accounts to accounts in other banks via LankaPay-CEFTS. [10]
The Bank of Ceylon supported the proliferation of coffee estates, which resulted in infrastructure development within the Kandyan region. [19] During the period of worldwide economic depression in 1846, production declined, conflicts arose, and taxes were levied to compensate the losses to the economy, due to the falling price of coffee.
The official currency of Ceylon was the Ceylon Rupee. The Rupee evolved from the Indian Rupee , when in 1929 a new Ceylon Rupee was formed when it was separated from the Indian Rupee. [ 15 ] In 1950, the Currency Board, set up in 1872 as a part of the Indian monetary system, was replaced by the Central Bank of Ceylon , granting the country ...
The Bank of Ceylon was the first private bank to issue banknotes on the island (1844) and Treasury notes were withdrawn in 1856. The Indian rupee was formally established as the unlimited legal tender 18 June 1869. The rupee was decimalized 23 August 1871.