The accumulation of savings helps to create a domestic capital base that reduces the dependency of an economy on foreign capital. If savings increase there will be an increase in investment which would result in economic growth.

Over the years the banking sector has played a vital role in inculcating the habit of saving among the masses. Even the lower income group is being inspired to save, with the banking sector spreading its wings to all comers of the island. As the banking sector continued to grow, banks began to introduce very attractive savings schemes to lure customers. Despite the availability of a wide range of savings accounts, a tailor made product to cater to the fmancial needs of the female population was not thought of until 1993, when People's Bank launched the first ever savings account exclusively for women. Apart from an attractive interest rate the "Vanitha V asana" savings account offered women loan facilities to help them start a small business that would earn them a monthly income. Loans were also granted for the purpose of higher education, marriage and the purchase of household items etc. "Vanitha V asana" not only helped to nurture the entreprenual skills in women and foster the habit of saving but also provided them with a life insurance cover. Today, any "Vanitha Vasana" account holder who maintains a minimum balance of Rs. 25,000 for a period of 6 months or more is entitled to an insurance cover of Rs.1 Million.

D.A. Bisomenike, a health services officer opened her "Vanitha Vasana" account in December 1997 at the age of 52. Her initial deposit of Rs. 25000/- remained in her account with the accumulated interest until her demise in September last year. Six months later Bisomenike's husband, Mr. A. M. P. Abeysinghe was awarded the insurance proceeds of Rs.300,000/- which came as a surprise to the family who were yet mourning the loss of wife and mother. The handing over of the cheque took place at the People's Bank Head Office in Colombo with the presence of the Chairman of People's Bank Mr. P. Amarasinghe, the CEO / General Manager -Mr. Asoka de Silva and members of the Corporate Management. "My wife and I have been banking with People's Bank since the time we got married in 1962. In fact our entire house and the small business we run were all built with the loan facilities provided by the bank. People's Bank has been a friend to us over the years. All our savings are still with People's Bank. I knew about the "Vanitha Vasana" account but I never dreamt of getting this much money and without any hassle at all" said Mr. Abeysinghe.

On International women's day, People's Bank launched the "Vanitha Vasana Ithurum Patha" and also declared 8th March to 8th April as the "Vanitha Vasana" month. The "Vanitha Vasana" Savings Certificate is now available throughout its entire branch network. All "Vanitha Vasana" savings certificates purchased during the "Vanitha Vasana" month will be entered in to a draw which will be held in April this year. The lucky winners of the "Vanitha Vasana" draw will have the opportunity of doubling their savings.

People's Bank is a bank that has grown with the people, understanding the pulse of the people and mindful of the ever-changing needs of the customer in an environment that is highly competitive. The bank is now reshaping itself, using technology to develop new relationships with its customers and is now becoming healthier and smarter in its business activities.