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Sampath Bank opposed over promoting Raigam

Sampath Bank opposed over promoting Raigam Featured

The Sampath Bank is facing internal opposition over its sponsorship to promote the Raigam brand without informing its shareholders beforehand as a public liability company, reports say.

It is spending depositors’ money to promote Raigam Tele’es tele drama awards without gaining anything in return.

The bank gave Rs. 7.4 million for this year’s awards ceremony.

Two years ago, the Central Bank prohibited banks from conducting competitions among their depositors, and also imposed limits on promotional expenditure.

There is suspicion that Sampath Bank has overstepped that limit, a CB spokesman said.

The next revelation will be on how Raigam Tele’es draws Sampath Bank money…

Last modified on Monday, 13 June 2016 07:59