Demonstrating its commitment to the community, the Commercial Bank of Ceylon, one of the country’s foremost socially responsible corporate entities, recently presented 25 scholarships, each worth Rs. 25,000 a year, to needy undergraduates from around the country.

Selected undergraduates are entitled to Rs. 2,500 in scholarship money per month for ten academic months of every year that they study at the University, under this programme launched by the Bank’s Corporate Social Responsibility Trust last year.

Speaking at the presentation of the new scholarships, Mr. B. R. L. Fernando, Deputy Chairman of Commercial Bank said: “We are very pleased to be able to help young people achieve their potential through higher education. As one of the country’s largest banks, the Commercial Bank recruits the products of the university system as employees, since we believe it is our duty to help the university system. At a time when the budgets allocated for education are under pressure, we feel it is the duty of the Corporate Sector to help in this manner.”

This is the second batch of undergraduate scholarships awarded by the Bank’s CSR Trust which was formed in 2004. Last year, the Trust awarded scholarships to 100 graduates, who are currently receiving Rs.2,500 a month.

Recipients for this year’s scholarship programme were identified with the assistance of the University Grants Commission (UGC) on criteria used in the Mahapola Scholarship Scheme. Being ineligible for Mahapola or any other scholarship programme, the number of attempts made at the GCE A/L examination, the number of school-going children in the family and parental income; are some of the factors that are taken into consideration when selections are made.

The Commercial Bank’s CSR Trust was established for the purpose of fostering projects focused on education, healthcare, child welfare, rehabilitation of irrigation systems and community service. The Trust commenced with a startup capital of Rs 25 Million and the Bank contributes up to one per cent of its post tax profits every year to the Trust.

The Commercial Bank also has a rewards scheme for deserving younger students. All holders of ‘Arunalu’ minors’ accounts who excel at the year 5 scholarship examination every year, are given valuable cash prizes. Since its inception, nearly 400 cash awards totaling Rs 2.8 Million have been presented to such students.

Established in 1969, the Commercial Bank of Ceylon is the country’s benchmark private sector bank and operates a computer-linked network of 160 branches, and over 280 ATMs. Earlier this year, the bank was named the ‘Best Bank’ in Sri Lanka by the prestigious international financial magazine ‘Euromoney.’ Commercial Bank has also been rated the ‘Best Bank in Sri Lanka’ for nine consecutive years by the US ‘Global Finance’ magazine and been named the ‘Bank of the Year’ in Sri Lanka for five years by the UK based ‘The Banker’ magazine.