By Department of IT Java Institute
Dr. Ishantha Siribaddana is a Sri Lankan entrepreneur and philanthropist who founded TEMCO Development Banking Society Ltd. TEMCO is a cooperative banking society that focuses on rural development through the development of entrepreneurship, management, and technology. TEMCO is the first-ever development bank in the cooperative sector in over 115 years of cooperative history in Sri Lanka.
The TEMCO Banking Society has several special features developed under the bylaws of the organization, which were the brainchild of Dr. Ishantha Siribaddana. One of the main features is its legal authority to set up a branching network across the country at the Grama Niladari Division level. The operations of each branch are decentralized, while policy and planning are centralized, and financials are controlled through an integrated account audited by the Department of Cooperative of Sri Lanka
Furthermore, the operations of each branch are managed by an independent board of directors elected through an election process. Another specialty of the TEMCO Bank is its ability to build joint ventures with third parties.
Dr. Ishantha Siribaddana included many other features in the bylaws of the organization, and the content of the bylaws was verified through the Court of Appeal, submitting the bylaws to one of the litigation cases against the bureaucracy, which resulted in a verdict in favor of the TEMCO bank. Overall, Dr. Ishantha Siribaddana's TEMCO Development Banking Society is a remarkable initiative that focuses on rural development and has introduced several innovative features that set it apart from other banks in Sri Lanka.
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