In the past, the banking system of Sri Lanka consisted of several foreign banks, which catered exclusively to the needs of those in the commercial and plantation sectors. Regarded as a luxury exclusive to the elite, banking was beyond the reach of the common people. However with time, the cooperative sector identified an urgent need for a banking system for the masses, as a result on the 1st of July 1961 Peoples Bank came into being. Since its inception People’s Bank served as a pioneer in the banking industry providing a wide array of banking services while enabling customers to perform banking activities in their native language.
The bank has always taken initiative and played a pivotal role in the development of the Sri Lankan economy. To achieve this goal the bank utilizes its islandwide network of 654 branches and service centres, to bring banking solutions, to develop rural industries, which include farming, animal husbandry and fisheries. People’s Bank has also introduced an array of savings and loan schemes to those in the rural areas, to improve their standard of living while assisting them in their business activities. The success stories of small scale entrepreneurs, retailers and industrialists are numerous, and are ever increasing, a praise worthy point for People’s Bank |
‘‘As the economic system and the society of the country changed over the decades, People’s Bank always managed to provide the best possible banking solutions to its customers by adapting to the changing socio economic conditions. Currently People’s Bank consists of 654 branches and service centres, which are located islandwide. Out of which 14 branches are located in the Northern Province and are continuously in operation even during the times of conflict. We are geared to expand our services in the war affected areas under the ‘Uthuru Wasanthaya’ program which has been launched with the aim of rebuilding North.”
Carrying forward its people friendly service tradition, People’s Bank has taken pioneering steps to provide banking services to the internally displaced people in the North, who live in relief villages. People’s Bank covers all the relief villages providing the occupants with complete banking services including access to PET automated teller machines. Hither to people in the relief villages have deposited over Rs.400 million in cash with People’s Bank, in addition to jewelry and other valuables. Apart from the financial services rendered, People’s Bank employees including pensioners, its subsidiaries, trade unions and religious societies, etc., have come forward to grant a substantial quantity of food and clothing whilst making a donation of over 265 lakhs to fulfill the housing needs of displaced people. In addition, the bank contributed enormously towards the reconstruction of ‘Uthru Mithuru’ Yal Devi rail track. Focusing on rebuilding the lives of the people in the war affected areas; People’s Bank has introduced loan schemes with low interest rates for individuals who are engaged in agriculture, animal husbandry and fisheries.
People’s Bank is prepared to open a number of service centers covering Jaffna, Wanni, Batticaloa and Trincomalee regions in the near future. Those service centres will be located in the following areas of the said regions. Jaffna Vavalar Road, Pandatherippu, Kalviyankadu, Puloly, Kopay, Puttur, Uduppidy in the Jaffna region, Kurumankadu, Chettikulam, Pesalai, Nanattan in the Wanni region, Kokkkadicholai, Wakarei, Puthur in Batticaloa region and Kachchaikuduthiv, Thoppur in the Trincomalee region.
Commenting further on this significant landmark, the Chairman of People’s Bank further stated:
“For economic development and self sufficiency of a country, individual savings should be increased as a percentage of the GNP. In Sri Lanka this is recorded as approximately 17% as opposed to the developed Asian countries which have achieved a rate of over 40 percent. More than half of the entire population, in other words 11 million people are transacting with People’s Bank. We proudly represent 23% of the country’s total saving reserves. Hither to People’s Bank has managed to accumulate the highest amount of savings in the country. As we progress towards the future our aim is to contribute to the national development process more effectively.”
People’s Bank has introduced many savings schemes which cater to the needs of various age groups in the society. ‘Isuru Udana’ for children, ‘Sisu Udana’ for students, YES for young adults, ‘Vanitha Vasana’ for women, ‘Parinatha’ for senior citizens, ‘Ethera Isura’ for migrant workers and ‘Doo Daru Ethera Isura’ for their children stand in testimony of this wider societal coverage. Apart from those, for the more mindful saver who has future plans the bank offers ‘Janajaya’ accounts whilst presenting high yielding fixed deposits and Special Foreign Interest Deposit Accounts (SFIDA) for relevant customer segments.
Since the entire branch network of People’s Bank is networked, customers can perform their transactions at any branch islandwide. Further the PET network with 250 automated teller machines automatically facilitates transactions night and day.
Elaborating on the role of People’s Bank in reawakening North and East, the Chief Executive Officer/General Manager of Peoples Bank Mr. P.V. Pathirana had this to say. “Mainly we are focused on generating employment opportunities for the people in war affected areas whilst providing infrastructure which plays a critical role in overall long-term development. Even though disturbed by a 30 year long war, the Northern and Eastern provinces are rich in fertile land and other resources. We at People’s Bank are rolling out an action plan to support the people in these areas, who are mainly involved in agriculture, fisheries, animal husbandry and other small and medium enterprises, and thereby to eradicate unemployment.”
The efforts taken to develop the private and public sector has resulted in People’s Bank being crowned as the people’s best loved bank for three consecutive years, as well as being awarded the highest rating in the banking and finance sector at the Brand Finance ratings.
People’s Bank has taken many steps to ceremonially commemorate its 48th anniversary which falls on the 1st July 2009 at all branches and service centers islandwide. To mark this special occasion the staff of nearly 10000 members will join hands with the valued customers of the bank in numerous religious and social welfare programs. As a part of the celebrations People’s Bank has launched a special anniversary savings draw titled ‘Sanwathsara Wasana’ for the benefit of its customers. Customers can buy savings certificates worth Rs.5000/- from any branch or savings centre of People’s Bank and enter the draw. The lucky winners will walk away with either a luxury house as which is the grand prize or from among 327 gold sovereigns which are on offer. Further, a special program is underway at every branch to felicitate the customers who maintained a long term relationship with the bank.
“At this juncture we remember the founders of People’s Bank along with the past members of the board including Chairmans, General Managers, and other directors, as well as all retired staff members. The commitment and dedication of our current staff and those who have served with us over the past 48 years have helped us to reach the top of the banking industry. The number one leasing company, People’s Leasing which recently acquired Seylan Merchant Leasing, along with People’s Travels and People’s Merchant Bank are a tremendous strength to People’s Bank,” concluded the Chairman.
As the bankers of aspiring people in Sri Lanka, whilst passing the 48th milestone in unsurpassed service towards the nation, People’s Bank vows to continue to fulfill the needs of its valued customers and make a better future for all Sri Lankans.
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