Cargills Bank enables online EPF payments for businesses

January, 15, 2018

Cargills Bank signed a Memorandum of Understanding (MOU) with the Central Bank of Sri Lanka (CBSL) on January 8 2018, enabling services of the Employees Provident Fund (EPF) E-Return System through Cargills Bank's Corporate Internet Banking. Small & Medium Enterprises (SME) and Corporates can now remit their EPF payments and submit their returns electronically and conveniently, with real-time verification.

The MOU was signed by Mr. RajendraTheagarajah, MD/CEO Cargills Bank Limited and Mrs. K.N.N. Malkanthi Bandara, Superintendent, EPF Department, Central Bank of Sri Lanka.

The EPF E - Return system is completely electronic and can be used by employers to send EPF returns to CBSL. Employers with over 10 staff have the option of registering for the E-Return system. Regulations require every employer with over 50 employees to register for the EPF E-Return system, with mandatory monthly EPF payments and submissions.

“While accelerating EPF activities, the portal offers the EPF unit of CBSL which manages a large section of employers who contribute to the fund, better monitoring and control over the SME sector, minimizing the processes, and easing an otherwise laborious task,” said Mrs. K.N.N. Malkanthi Bandara, Superintendent of EPF Unit, Central Bank of Sri Lanka. She added that the portal also improves accuracy and efficiency in collection of EPF member contributions.

Cargills Bank has embarked on a focussed strategy in support of the national imperatives of financial inclusion and digital empowerment.

Speaking of the service focus on the SME sector, Cargills Bank’s Managing Director Rajendra Theagarajah said, “Cargills Bank Business Internet Banking encourages the SME industry to start using the EPF E-Return system, easing the process and thereby helping the employer, employee and relevant stakeholders. Cargills Bank is pleased to once again add value to SMEs by facilitating prompt, convenient and secure EPF processing”.

The services include checking of status, viewing of error logs, and printing member details. On successful submission, the total member contributions are credited to an EPF collection account. This is offered to all SME and Corporate customers of Cargills Bank who have registered for online services such as online payments of salaries, bonuses, interest, and dividends.

Cargills is a brand that has been faithfully serving Sri Lankans for 174 years, built on a foundation of values and ethics. True to this heritage and the ethos of ‘Banking on the Human Spirit’, Cargills Bank is taking banking to the masses by being inclusive and accessible. The amazing Cargills Cash Savings Account is available at over 330 Cargills Food City outlets – allowing you to do grocery shopping and banking at the same place at your convenience. The Cargills Bank Debit Card with special offers is now a ‘must have’ for discerning customers.

Cargills Bank’s Head Office is in Colpetty with branches at Maitland Crescent, Maharagama, Old Moor Street, Wattala, Kandy, Peradeniya, Nuwara Eliya, Ratnapura, Thanamalwila, Matara, Galle, Kurunegala, Kaduruwela, Vavuniya, Chunnakam, and Jaffna.

(From Left) M.V.W. De Zoysa - Asst. Superintendent (Central Bank), Renuka Hettiarachchi - Marketing Manager Cargills Bank, Asanka Mahanama - Manager IT - Delivery Channels Cargills Bank, Sajeewani Solangaarachchi - Head of Legal Cargills Bank , Rajendra Theagarajah - MD / CEO Cargills Bank, K.N.N.M. Bandara – Superintendent (Central Bank), A.G.U.  Thilakarathna - Addl. Superintendent (Central Bank), J.D.S.J. Nanayakkara - Addl. Superintendent (Central Bank), J.M. Ameer - Deputy Superintendent (Central Bank), W. L .S. W. Jayasundera - Actg. Deputy Superintendent (Central Bank) and S. M. L . Siriwardane - Senior Asst. Superintendent (Central Bank)