The Board of Investment of Sri Lanka granted investment approval to Lankaclear Cash Management Limited to provide financial services to banks in Anuradhapura.

Lankaclear Cash Management signed the agreement for a venture to provide cash management services to the banking industry in the Anuradhapura area. The venture is an investment of over US$750,000 providing employment for 16 initially.

"The company will provide Central Bank services to the commercial banks for deposit and withdrawal of cash in the Anuradhapura region as the managing agent of Lankaclear (Pvt) Limited," said Sunimal Weerasooriya, General Manager/ CEO of Lankaclear.

Lankaclear Limited is the national clearing house jointly owned by the Central Bank and commercial banks. The Central Bank has outsourced the cash management functions in the Anuradhapura region to Lankaclear. Lankaclear Cash Management Limited is a subsidiary of Lankaclear Limited.

The solutions provided by the company include all cash processing and cash management services. The project is a joint venture by Lankaclear Limited and Transnational Group. The venture is expected to commence operations in May 2010.

Dr Imthiaz Ismall, Regional Director of Transnational Group, stated "The objective of establishing this venture is to provide fast and efficient cash circulation to the area. It will enable banks to reduce their cash holdings and the turn around of cash would also be fast".