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People’s Bank expands its balance sheet by close LKR 350.0 billion during 9M-21. Extends unparallel support to the Government

People’s Bank today announced the results for its nine months period ended September 30, 2021 reporting asset and deposit growth of LKR 349.7 billion and LKR 276.6 billion, respectively - a record high growing by 15.7% and 15.1% during the said period. Growth in net loans and investment in treasury securities was LKR 167.4 billion and LKR 191.4 billion, respectively. On a standalone basis, the Bank accounted for close to 20.0% of the Banking sector’s asset and net loan growth during the twenty one month period ended September 30, 2021; which is a feat self attesting to the contribution made by the Institution to the national cause and the Government. At September 30, 2021 - close to 50.0% of the Bank’s gross loans were to the State and other State Owned Enterprises.

During the said twenty one month period ended September 30, 2021 - the Bank introduced multiple loan schemes in view of supporting its customers. These included, amongst other, over LKR 60.0 billion in credit to support Small and Medium Scale Enterprises, over LKR 160.1 billion in home loans to over 9,000 customers, over LKR 6.0 billion to retired and disabled officers of armed forces and over LKR 560.0 million to artists of varying disciplines. In addition, Bank extended LKR 750.0 million to support the development of a Techno Park in Galle, over LKR 485.0 million to support women entrepreneurship and over LKR 260.0 million to University Students to purchase laptops.

Looking at some of the nine month 2021 highlights, net interest income rose by 38.9% whilst total operating income grew by close to 30.0%. Impairment charges rose by 10.7% Non personnel operating expenses were maintained at near LKR 11.6 billion without any increase. The Bank’s gross stage 3 loans as a function of  total gross loans was close to 8.1% at September 30, 2021 whilst its gross non performing loans excluding SOEs was 6.1%. Total taxes and dividends to the Government during the said period was LKR 9.7 billion. The Bank’s Tier I and Total Capital Adequacy was 10.2% and 15.5%, respectively at end September 2021 compared with a minimum 8.5% and 12.5%.

Commenting on the results, the Chairman of People’s Bank - Mr. Sujeewa Rajapakse stated that: “We are pleased with the role and contribution of the Institution more so during a time of extraordinary challenge, change and need. We remain of service to the country in a time it needs us the most and are committed to the Government’s long term Vistas of Prosperity and Splendor initiatives. We measure our success not by a typical top or bottom line but by our contribution to safeguard the pandemic stricken economy and our role to assist in its revival. It also demonstrates our efficiency and productivity even during the most challenging circumstances thereby debunking any myth to the contrary. Above all said, with our job being far from over, we remain committed to continuing to play our part to help the country navigate through these unchartered waters”

The Chief Executive Officer/ General Manager of People’s Bank - Mr. Ranjith Kodituwakku stated that: “2021 is a year unlike any seen. The year to date period has put to test our continued commitment, our continued access, our digital capabilities, our customer centricity and our ultimate ability to rise to our national duty. Notwithstanding the many challenges, including those beyond our reasonable control as seen in recent past, our delivery remains testimony to our strength, resilience and collective capability. Fully aware of the many challenges which lie ahead, we look forward to the future with a great degree of hope and optimism"

People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking foot print comprised of 741 branches and service centers island wide. With a history spanning 60 years, the Bank benefits from a staff strength of close to 8,000 serving more than 14.0 million customers and over 19.0 million account relationships - which is by far the largest for any Financial Services provider in country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA - (lka/ Stable)”; by Fitch Ratings Lanka Ltd.

With a view to bring the benefits of digitalization to the entire nation, People’s Bank embarked on a digital transformation journey back in 2015 by taking a pioneering role in digitization and customer engagement. Since then a host of diversified digital banking solutions have been launched that deliver enhanced convenience, speed and efficiency, and convenience to customers at every point in their interactions with the bank. People’s Bank is the first and only Bank in Sri Lanka to be accredited with the ISO/IEC 27001:2013 certification; the highest international accreditation for information protection, and security.

People’s Bank prides itself in being at the forefront of facilitating digital-financial services penetration into the rural hinterlands of the country and has recorded unmatched levels of success in supporting the nation’s evolution into a digital society.

People's Bank recognized as one of Sri Lanka's Top 10 Women Friendly Workplaces at WFWP Awards 2021

People’s Bank was recognized as one of Sri Lanka's Top 10 Women Friendly Workplaces at the first-ever Women Friendly Workplace Awards (WFWP Awards) 2021 jointly pioneered by Satynmag.com and CIMA Sri Lanka.

The award was received by People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku and Deputy General Manager (Retail Banking, Process Management Management, Quality Assurance) Renuka Jayasinghe at the award ceremony held recently at the Cinnamon Grand. The event was graced by the presence of Chief Guest, IFC Programme Manager Women in Work Sri Lanka Sarah Twigg. CIMA Sri Lanka Country Manager Zahara Ansary and satynmag.com Founder/Editor Nayomini Weerasooriya also participated.

The process of evaluation and judging of the WFWP Awards was held throughout the pandemic, and the event itself will highlight the importance of recognising companies where women experience an empowering culture.

With a 60% representation of women across the organization, People's Bank, remains firmly committed to encouraging women to climb the ladder of success across various banking related fields of work.

People's Bank receives award for ‘Top 10 Most Admired Companies in Sri Lanka’ listing

People’s Bank was named among the Top 10 Most Admired Companies in Sri Lanka for the fourth consecutive year by the Chartered Institute of Management Accountants (CIMA), the International Chamber of Commerce of Sri Lanka (ICCSL) and the Daily FT.

The award was received by People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer/General Manager Ranjith Kodituwakku of People’s Bank, at the award ceremony held recently at the BMICH. The event was graced by the presence of Chief Guest, Indian High Commissioner Gopal Baglay and Guest of Honour, Colombo Mayor Rosy Senanayake while the Ceylon Chamber of Commerce Chairman Vish Govindasamy was a special guest.

For over 60 years, People’s Bank has been repeatedly lauded for its consistency, leadership and sustainable growth in Sri Lanka’s banking sector. The Bank has evolved from being a provider of financial solutions to the masses to a leader in digital banking sphere that simplifies cutting edge technology to benefit the entire nation. The Bank has the country’s largest customer base and physical/digital network and has established itself in a unique position to successfully reach its over 14 million customers.

Optional: The Most Admired Companies are selected by a distinguished panel of judges based on globally-accepted criteria.

People's Bank Chief Legal Officer launches book titled “Legal Aspects Relevant to Banking Activities”

A book authored by People's Bank’s Chief Legal Officer, Muditha Peiris Karunarathne titled “Legal Aspects Relevant to Banking Activities” was officially published recently.

The first copies of the book were ceremoniously handed over to Sujeewa Rajapakse - Chairman and Ranjith Kodituwakku - Chief Executive Officer/General Manager of People’s Bank, recently at an event held at the People’s Bank Head Office in Colombo 02. K.B. Rajapakse - Senior Deputy General Manager (Payment and Digital), Rohan Pathirage - Senior Deputy General Manager – Overseas Customer Services, Mahinda Premanath - Deputy General Manager (Channel Management), Lalith Vithana - Deputy General Manager (Banking Support Services) and Nalaka Wijayawardana - Head of Marketing also participated in the event.

The informative publication gives a basic knowledge of the law involved in banking which is important for Bank officers to carry out their work in accordance to the laws applicable in different scenarios. Muditha Peiris Karunarathne commented, “When Bank Officers are involved in banking and operational activities in branches as well as departments, it is imperative that every action they take is in compliance with the laws of the land. The launch of this book is an attempt to provide an understanding of legal applicability in banking transactions. I think all Bank officers will find this to be a hand book during their day-to-day banking activities.”

News on blacklisting of People’s Bank by Embassy of People’s Republic of China in Sri Lanka

With regard to the news item being circulated in media on the captioned matter, People’s Bank wishes to clarify the following;

  • People’s Bank has come to notice that the Economic and Commercial Counselor of Embassy of People’s Republic of China in Sri Lanka has blacklisted the People’s Bank for not effecting the payments for in lieu of a Letter of Credit issued by the bank
  • People’s Bank has already communicated to the relevant authorities at the Chinese Embassy that the bank is bound by an enjoining order issued by the Commercial High Courts of Sri Lanka with regard to the trade transaction in question, which precludes the bank from processing of the payment
  • The temporary delay in processing the said payment pertaining to the LC is solely due to the bank’s obligation to be bound by the legal directions of the country as a responsible corporate citizen
  • Once the legal barriers in effect are removed, the LC payment will be effected promptly as per the usual trade practices
People's Bank upgrades Athurugiriya Service Centre into a fully-fledged Branch

With the aim of providing a seamless digital banking experience to its customers, People's Bank upgraded its Athurugiriya Service Centre into a fully-fledged branch. The new branch was ceremonially opened to the public on 21st October, making it the 364rd People's Bank branch in the country.

Sujeewa Rajapakse - Chairman, Ranjith Kodituwakku - Chief Executive Officer/General Manager, K.B.Rajapakse - Senior Deputy General Manager (Payment and Digital), Mahinda Premanath - Deputy General Manager(Channel Management), Buddhika Jayavilal – Mayor of Kaduwela Municipal Council, Nalaka Wijayawardana - Head of Marketing, Rohini Madurawala, T.M.W Chandrakumara - Assistant General Managers, Lal Peiris – Colombo Outer Regional Manager, Vinodani Pieris and Sudarma Subashini - Assistant Regional Managers, all from People's Bank, together with A.G Manori - Branch Manager and other bank officials as well as customers took part in the event.
The opening ceremony was carried out in accordance with the COVID-19 health guidelines.

People's Bank presents laptop to top-performing differently-abled student for her outstanding O/L results

Dewmi Ransara, a differently-abled student from Rathmale Bambaranda Saddharma Maha Vidyalaya, who passed the G.C.E. Ordinary Level (O/L) examination with flying colours by achieving 9 A passes, was presented with a laptop and other education-related equipment by People's Bank to further her educational aspirations.

Dewmi Ransara resides in Kurundugaha Hena in Matara District and has bravely faced and overcome numerous challenges despite her disability, which requires her parents to carry her to school and back daily in order to realize her educational dreams. People's Bank Matara Region presented the laptop to this student with the aim of recognizing and rewarding the outstanding talent and hard work demonstrated by her. Dewmi, who also performed well in the Grade 5 Scholarship examination, has been notably a People's Bank Sisu Udana accountholder since her childhood years.

Ven. Kataragama Mahanama - Chief Priest of the Kurambure Raja Maha Viharaya, Rasika Abeywardena - Principal of the Rathmale Bambaranda Saddharma Maha Vidyalaya, Mahinda Kulatunga Rajapaksa and Kusumini Abeygunawardena - parents of the child, together with I.K. Indika - Regional Manager Matara, W.K.S. Kumarasinghe - Assistant Regional Manager, T.G. Karunasena - Dickwella Branch Manager, H.G.S. Dananjaya - Regional Business Development Officer, W.P.A.D. Sameera and W.K.P. Lakmini - Branch Business Development Officers, all of People's Bank, also took part in the occasion.

People's Bank upgrades Gelioya Service Centre into a fully-fledged Branch

With the aim of providing a seamless digital banking experience to its customers, People's Bank upgraded its Gelioya Service Centre into a fully-fledged branch and ceremonially opened it to the public on 11th October, making it the 363rd People's Bank branch in the country.

Hon. Prof. Ranjith Bandara - Member of Parliament, Sujeewa Rajapakse - Chairman, Ranjith Kodituwakku - Chief Executive Officer/General Manager, Mahinda Premanath - Deputy General Manager-Channel Management, Nalaka Wijayawardana - Head of Marketing, Buddhika Ranatungage - Regional Manager–Kandy, Tissa Tennakoon and Kumari Dayananda - Assistant Regional Managers, all from People's Bank, together with Gamini Tennakoon - Chairman of Udunuwara Divisional Secretariat, Nashra Zuhair - Branch Manager and other bank officials as well as customers took part in the event.

The opening ceremony was carried out in accordance with the COVID-19 health guidelines.

People's Bank announces Western Union winners for March, April and May

As many as seventy-five People’s Bank customers who collected their Western Union money transfers via People’s Bank during the months of March, April and May were selected as winners at a  draw held at People’s Bank Head Office in Colombo 02. These lucky winners will receive gift hampers/vouchers or cash deposits worth Rs. 10,000 each.       

Rohan Pathirage - Senior Deputy General Manager (Overseas Customer Services), Mahinda Premanath - Deputy General Manager (Channel Management), Nalaka Wijayawardana - Head of Marketing and Renuka Arunachalam - Chief Manager (Overseas Customer Services) were present at the event.

Funds sent via Western Union to Sri Lanka can now be conveniently deposited directly to a People's Bank account through a single call or via a Whatsapp/Viber call through the People's Bank Call and Deposits Services.

People’s Bank ranked among the ‘Top 10 Most Admired Companies in Sri Lanka’, yet again

People’s Bank was yet again featured among the coveted top 10 ‘Most Admired Companies of Sri Lanka’ for the 2020/21 financial year, organized by the International Chamber of Commerce of Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) and the Daily FT.

Open for both listed and unlisted companies, the annual ‘Most Admired Companies of Sri Lanka’ Awards recognise companies that are a cut above the rest in terms overall excellence. During the rigorous selection process conducted by an elite panel of local and international judges, organizations are evaluated in terms of not just their financial performance but also the value they create for their shareholders, customers, employees and the wider community in general. 

People’s Bank has been repeatedly lauded for proving its mettle with consistency, authority and sustainable growth, delivering an excellent overall business performance. Over 60 years, People's Bank has evolved from being a provider of financial solutions to the masses to a leader in digital banking sphere that simplifies cutting edge technology to benefit the entire nation. The Bank, with country’s largest customer base and physical/digital network, has established itself in a unique position to successfully reach its over 14 million customers.

 Commenting on the accolade, People’s Bank Chairman, Mr. Sujeewa Rajapakse said, “We are immensely proud to be ranked amongst the top 10 Most Admired Companies in Sri Lanka. One unique reason for this success is the fact that everyone within People’s Bank is well aware of the national role expected of this great entity and that we all remain passionately committed to fulfill our obligations for the benefit of the nation. So all our activities are guided and propelled by this shared national responsibility which unites us to deliver an overall excellent performance. I take this opportunity to thank all stakeholders of the bank including customers and staff for their unstinted support without which this achievement would not have been possible”

Mr.Ranjith Kodituwakku, CEO/GM of People’s Bank commented “People’s Bank has always been embraced by the masses of the country as the pride of the nation due to the key role it plays in multiple frontiers. It is indeed a unique player in the field of banking owing to its ability to combine sensitivity to the public aspirations that transcend mere profit motive and operational efficiencies that rival even the best of private sector counterparts. For example our digital banking product offerings are among the best in world and they also happen to be the country’s most popular. Through a range of measures taken to uphold high service standards, we have proved that state owned organizations can also be excellent customer oriented competitive business entities as well. Recognitions such as this encourage us to commit ourselves with even greater resolve to move forward in this path. I also thank our valued customers and our most valuable asset, the staff members who made all this possible”

The Bank’s dedication to customer care was most apparent during the lockdown, when over 70% of branches and all self-banking units remained operational. Its mobile banking units covered over 400 locations islandwide, including some of the hardest to access areas in the country. The bank also extended interest relief worth over Rs. 5billion to over 430,000 businesses and retail customers which was the highest for any bank or a financial services group in the country.

Peoples' Bank has the largest customer base of 14 million customers in the country and also the largest branch network of 739 physical contact points to serve them. The bank also provides its services 24 hours a day, 7 days a week and 365 days a year via its Self-Banking Units amounting over 250 across the island, enabling customers to conduct their transactions without having to visit a bank branch. The bank has also stamped its supremacy in digital banking sphere with its mobile banking app People’s Wave being the country’s most downloaded banking app.

People's Bank joins hands with the Kandy Municipal Council to launch water bill payment facility using LANKAQR

People's Bank has joined hands with the Kandy Municipal Council to enable the citizens residing within the Council limits to conveniently pay their water bills using the LANKAQR network. This programme was ceremoniously launched at an event held at the Kandy Municipal Council with the participation of People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku and the Kandy Municipal Commissioner Amila Navaratne.

The Central Bank introduced the LANKAQR payment system with the intention of making cashless transactions faster, more secure and less costly for people by enabling payments via their mobile phones. Customers can scan a LankaQR code with their smartphone and make payments directly from their accounts using the People's Pay wallet App

People's Bank further commemorates its 60th Anniversary by donating a Portable Ultra Sound Scanner to the Kandy National Hospital

As part of the series of social initiatives organized to mark the occasion of the People's Bank’s 60th Anniversary, a Portable Ultra Sound Scanner worth over Rs.6 million, that can be deployed to treat COVID-19 patients was officially handed over to the National Hospital, Kandy recently. The equipment was funded by the People's Bank Staff Members.

Ranjith Kodituwakku - Chief Executive Officer/General Manager, People’s Bank, Dr. Aruna Jayasekara - Director of the National Hospital, Kandy, Dr Iresha Frenando -  Deputy Director, Dr. Prasad Gunasinghe – Medical Officer (Planning Division), Pharmacist B.M.K.D Banadranayake, Mahinda Premanath - Deputy General Manager (Channel Management), People’s Bank, Buddhika Ranatungage - Regional Manager, Kandy, Manjula Dissanayake – Regional Manager, Badulla, Rohan Perera - Regional Manager, Monaragala, Assistant Regional Manager and Manageress, Janaka Jayasinghe - Kandy Branch Manager and Branch Managers were present at the event.

Once the COVID-19 pandemic settles, the hospital expects to use the equipment for the benefit of other patients. As part of the ongoing series of social responsibility activities organized to celebrate their 60th Anniversary, a Portable Ultra Sound Scanner was also recently donated to the National Hospital in Colombo.

People's Bank 60th Anniversary special publication presented to the Prime Minister

A unique, commemorative publication in celebration of the People's Bank’s 60th Anniversary was officially presented by People's Bank Chairman Sujeewa Rajapakse to Hon. Prime Minister Mahinda Rajapaksa at Temple Trees recently.

The specially designed publication has information on the Bank's glorious history, the outstanding service it has provided to Sri Lanka's economy over the past 60 years, as well as the details of various Chairmen, Chief Executive Officers and General Managers who dedicated themselves to develop the Bank during this period.

People's Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku and the Prime Minister's Additional Secretary Chaminda Kularatne were also present at this occasion.

People’s Bank Thambala branch relocates to new premises

The opening ceremony of the newly relocated Thambala Branch of People’s Bank was held on 26th July 2021 under the auspices of Ranjith Kodituwakku – Chief Executive Officer/ General Manager, People’s Bank.

The new branch which is located at No.110, Alhilalpura, Thambala is fully equipped with ultra-modern technology and offers a comprehensive range banking facilities.

The event was attended by Mahinda Premanath – Deputy General Manager (Channel Management), People’s Bank, Nalaka Wijayawardana – Head of Marketing, People’s Bank, Indumini Rathnayake – Polonnaruwa Regional Manager, People’s Bank and H. G N. Aarohana – Assistant Regional Manager, A.H.T.G Bandara - Thambala Branch Manager and several customers.

Cementing its role in providing unmatched financial services to the nation, The Banker Magazine in the UK has recognized People’s Bank for four consecutive years as one of the Top 1000 Banks in the World. A testament to the wide reach of the bank is its 741 branches & service centers located island wide which happens to be Sri Lanka’s largest. With a workforce of more than 8,000 staff, People’s Bank provides financial services to more than 14 million customers and boasts of 19 million account relationships making it truly a bank of the people.

People’s Bank launches a digital cheque deposit machine in commemoration of 60th anniversary

People’s Bank, launched its first digital cheque deposit machine at their Head Quarters Branch with the commemoration of Bank’s 60th anniversary. This is another milestone in its six decade legacy of using innovation to enhance customers’ banking experience.

Mr. Sujeewa Rajapakse - Chairman, People’s Bank, Mr. Ranjith Kodituwakku - Chief Executive Officer/ General Manager Mr K.B. Rajapakse - Senior Deputy General Manager – (Payment and Digital), Mrs. Renuka Jayasinghe-Deputy General Manager (Retail Banking, Process Management and Quality Assurance), Mr. L.U.L Alwis, Chief Manager - Process Management and Centralized Back Office, Mr. Upul de Silva - Senior Manager (IT and Centralized Back Office), Lakmini Ilangasinghe – Assistant Manager (Project Coordinator) and customers were present at the launch of the Digital Cheque Deposit Machine.

The machine is designed to offer a seamless experience for customers to deposit cheques with minimum hassle. The process requires minimal information which the machine will validate instantly by capturing an image of the cheque and displaying it on the screen. The customer then simply confirms the information on screen and the machine prints a receipt acknowledging the transaction.

Through this machine, customers can also deposit multiple cheques at the same time, quickly and securely. The machines will be accessible to all customers 24-hours a day, 7-days a week, and 365-days a year at branches and at SBUs all over the island.

People’s Bank already has 250 Self Banking Units around the island consisting ATMs and CDMs. The units are easy to access and allow customers to conduct transactions with ease and simplicity. The launch of the Digital Cheque Deposit Machine is another milestone for People’s Bank in its continuous quest to enhance customer experience.

The Bank has been at the forefront of Sri Lanka’s digital banking sphere which has been intensely competitive in recent years. People’s Bank has already set the standard for digital banking with innovations like the People’s Wave, People’s Wiz and People’s Wyn App which has over Rs.1.1 million customers.

In its 60 years of operation, People’s Bank has continuously looked for ways to improve the efficiency of its service offerings and the addition of this new digital cheque deposit machine is another testament to its commitment towards this endeavor.

People’s Bank, launched its first digital cheque deposit machine at their Head Quarters Branch with the commemoration of Bank’s 60th anniversary. This is another milestone in its six decade legacy of using innovation to enhance customers’ banking experience.

Mr. Sujeewa Rajapakse - Chairman, People’s Bank, Mr. Ranjith Kodituwakku - Chief Executive Officer/ General Manager Mr K.B. Rajapakse - Senior Deputy General Manager – (Payment and Digital), Mrs. Renuka Jayasinghe-Deputy General Manager (Retail Banking, Process Management and Quality Assurance), Mr. L.U.L Alwis, Chief Manager - Process Management and Centralized Back Office, Mr. Upul de Silva - Senior Manager (IT and Centralized Back Office), Lakmini Ilangasinghe – Assistant Manager (Project Coordinator) and customers were present at the launch of the Digital Cheque Deposit Machine.

The machine is designed to offer a seamless experience for customers to deposit cheques with minimum hassle. The process requires minimal information which the machine will validate instantly by capturing an image of the cheque and displaying it on the screen. The customer then simply confirms the information on screen and the machine prints a receipt acknowledging the transaction.

Through this machine, customers can also deposit multiple cheques at the same time, quickly and securely. The machines will be accessible to all customers 24-hours a day, 7-days a week, and 365-days a year at branches and at SBUs all over the island.

People’s Bank already has 250 Self Banking Units around the island consisting ATMs and CDMs. The units are easy to access and allow customers to conduct transactions with ease and simplicity. The launch of the Digital Cheque Deposit Machine is another milestone for People’s Bank in its continuous quest to enhance customer experience.

The Bank has been at the forefront of Sri Lanka’s digital banking sphere which has been intensely competitive in recent years. People’s Bank has already set the standard for digital banking with innovations like the People’s Wave, People’s Wiz and People’s Wyn App which has over Rs.1.1 million customers.

In its 60 years of operation, People’s Bank has continuously looked for ways to improve the efficiency of its service offerings and the addition of this new digital cheque deposit machine is another testament to its commitment towards this endeavor.

People’s Bank ranked amongst the world’s ‘Top 1000 Banks’ yet again

People’s Bank has been named amongst the ‘Top 1000 Banks’ in the world by The Banker Magazine UK for the 4th consecutive year. The Banker Magazine, published by the Financial Times in the UK, primarily ranks banks on basis of their Tier 1 capital. People’s Bank also achieved the highest Return on Equity among the largest banks in the country.

Sujeewa Rajapakse, Chairman of People’s Bank commented on this momentous occasion “To be able to achieve this ranking in the midst of the COVID-19 pandemic shows the banks’ ability to withstand even the most challenging of circumstances. We would like to thank our customers and stakeholders for their continued confidence in us and our staff for their continued commitment.”

People’s Bank also celebrates their 60th anniversary in 2021, has played a leading role during the current COVID-19 pandemic by keeping more than 70% of its branch network open to serve customers and providing over Rs.800 billion in financial relief to both businesses and individuals.

Ranjith Kodituwakku, Chief Executive Officer/ General Manger of People’s Bank also commented on this achievement “We couldn’t be prouder to have achieved this ranking for the 4th year in a row. It is a true testament to our commitment to both our nation and its people. We look forward to moving from strength to strength in the future.”

People’s Bank had been at the forefront of Sri Lanka’s digital banking sector, facilitating digital-financial penetration into rural areas and recording unparalleled levels of success in supporting the countries digital evolution.

People’s Bank has gained much local and international recognition over the last few years. They won the “Best Retail Bank in Sri Lanka” and “Best Digital Bank in Sri Lanka” awards at The Asian Banker Excellence in retail financial services awards for 2021, “Best Domestic Bank in Sri Lanka” award from Asia Money and several key accolades at the World Finance and International Business Magazine Awards. Additionally, The Banker Magazine named People’s Bank as one of the top 1000 banks in 2018, 2019, 2020 and now in 2021.

Further, ICCSL, CIMA, and the Daily FT newspaper included People's Bank among the 10 Most Respected institutions in 2018, 2019 and 2020 consecutively.

People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking foot print comprised of 741 branches and service centers island wide. With a history spanning 60 years, the Bank benefits from a staff strength of close to 8,000 serving more than 14 million customers and close to 19 million account relationships - which is by far the largest for any Financial Services provider in country.

With a view to bring the benefits of digitalization to the entire nation, People’s Bank embarked on a digital transformation journey back in 2015 by taking a pioneering role in digitization and customer engagement. Since then a host of diversified digital banking solutions have been launched that deliver enhanced convenience, speed and efficiency, and convenience to customers at every point in their interactions with the bank. People’s Bank is the first and only Bank in Sri Lanka to be accredited with the ISO/IEC 27001:2013 certification; the highest international accreditation for information protection, and security.

People’s Bank commemorates 60th anniversary by donating portable Ultrasound scanner to National Hospital.

In commemoration of their 60th anniversary and as part of the vast social outreach, the staff of People’s Bank donated a Portable Ultrasound scanner to the Intensive Care Unit of the National Hospital in Colombo 07 for COVID-19 patients.

Dr. Kumara Wickremasinghe - Director, National Hospital, Dr. Dilshan Priyankara - Head of COVID ICU, Sujeewa Rajapakse - Chairman, People’s Bank, Ranjith Kodituwakku - Chief Executive Officer/ General Manager, People’s Bank, Krishani Narangoda - Deputy General Manager (Enterprise Banking), People’s Bank, Nipunika Wijeratne - Deputy General Manager, (Transaction Banking), People’s Bank, Lalith Vithana - Deputy General Manager (Banking Support Services), People’s Bank and Nalaka Wijayawardena – Head of Marketing attended the event.

Sujeewa Rajapakse – Chairman, People’s Bank said “As the bank of the people, People’s Bank not only provides their customers with financial support, but also contributes greatly to the relief efforts to victims of natural disasters. People’s Bank and their affiliated groups have donated a multitude of medical equipment including PCR machines. With the Government is successfully controlling the pandemic, we hope the country will head in the right direction. People’s Bank is delighted to be able to contribute to the relief of COVID-19 patients”.

Dr. Kumara Wickremasinghe, Director of the National Hospital said “Our COVID ICU needed a machine like this as it is useful in the treatment of ICU patients. The Head of ICU and other Doctors and Nurses are fully committed to treating their patients. I would like to extend my heartfelt gratitude to People’s Bank and its staff for their generosity for providing us with this machine in our hour of need. We look forward to using the machine to help other patients after the pandemic is over”.

People’s Bank staff and Retired Staff Society members from across the island donated Rs.15 million to the COVID-19 Health & Social Security Fund last year.

People’s Bank steps in to help family of a deceased Army officer in commemoration of its 60thanniversary

People’s Bank has always taken a lead role in assisting in the development of the nation and its people. In commemoration of it’s 60th anniversary, People’s Bank joined hands with the Gamunu watch of Rathnapura, Kuruwita Regimental Centre of the Sri Lanka Army to assist the grief stricken family of a retired and deceased Officer of the Sri Lanka Army by offering financial assistance to complete the construction of their house in Udawela, Opanayake, Pelmadulla.The late Officer’s family consists of his wife who has been diagnosed with cancer and 3 young daughters who lived in a small dilapidated and incomplete house.

Upon the request of Brigadier Roshan Jayamanna, Centre Commandant of the Gamunu watch at the Rathnapura, Kuruwita Regimental Centre, People’s Bank and People’s Bank Ratnapura Buddhist Society offered financial assistance to the late Officer’s family. The Staff of the Ratnapura Regional of People’s Bank collected approximately a sum of Rs. 700,000 internally for this cause.

The labour force who dedicated their efforts to complete the construction of the house was provided by the Gamunu watch, and they not only completed the construction of the house but fully furnished it as well.

Major General W.G.H.A.S Bandara, Colonel Commandant of Gamunu Watch, Brigadier Roshan Jayamanna, of the Centre Commandant Gamunu watch at the Rathnapura, Kuruwita Regimental Centre, Nalin Perera, People’s Bank Ratnapura Regional Manager were present at the event.

People's Bank celebrates its 60th anniversary

On the 1stJuly 2021, People's Bank celebrated its 60th anniversary on 1st of July 2021 marking a period during which it revolutionized the Sri Lankan banking industry by taking innovative banking to touch the lives of even the most grass root level customers who had had been largely overlooked by the industry.

During the past 60 years, the bank has always strived to understand its customers' needs and was able to use new technology and innovative products to meet those needs. It is this approach that has won them Sri Lanka’s largest customer base of over 14 million.

People's Bank was established under Act No. 29 of1961 with the aim of uplifting the corporate business and rural banking systems. This Act was submitted to Parliament by then Minister of Trade, Food, Co-operatives and Shipping,T. B. Illangaratne, during the regime of Prime Minister Sirimavo Bandaranaike. Vincent Subasinghe was the first Chairman of People's Bank; he was a pioneer in providing banking services to the corporate sector.

In an era when banking services were limited to English speaking upper end of the society,

It was the establishment of People's Bank that changed that phenomenon, by starting to work in Sinhala and Tamil. 

Right from the inception, the bank started working towards its mission to serve the masses. Accordingly, People’s Bank has introduced many firsts to the country such as agriculture loans, Pawning, SME loans, Women’s Savings Accounts and Children’s Savings Accounts to name few. Most of these product concepts were so widely embraced by the society, that almost all the local commercial banks are now offering them under different brand names.

Currently, People's Bank is one of Sri Lanka’s largest financial institutions, boasting over Rs.2.3 trillion in assets. Its network of 741 branches/service centres is the country’s largest. The bank also possesses a network of over 250 Self Banking Units operating 24/7 all 365 days of the year. This enormous network has enables the people to get their banking done safely, securely and with ease of accessibility.

Speaking at a 60th anniversary celebratory event, the Chairman of the People's Bank Mr. Sujeewa Rajapakse stated “Marking a turning point in the Sri Lanka banking sector, People’s Bank was established on 1st July 1961. Today, we celebrate the 60th anniversary with much pride. As a reputed state bank, People's Bank not only provides state-of-the-art financial facilities but also renders their services to uplift the social economy. As a state bank, People’s Bank’s objectives transcend beyond mere profits and the main focus has always been the country’s development. Hence many a time we have provided financial facilities for exports, education, health, expressways and tourism infrastructure.

People's Bank has always come forward to shoulder the societal responsibilities and even the current COVID-19 pandemic is no different. We are very much a part of this nation and this is why the country in turn considers us as the pride of the nation”.

Ranjith Kodituwakku - Chief Executive Officer and General Manager, People’s Bank also commented “From the inception, People's Bank was open to the common man instead of just one strata of the society. Although the bank was catering the mass market, that did not prevent it from being innovative and technology oriented. This is why People’s Bank expanded rapidly in terms of network, financial performance, product portfolio and brand value. Furthermore, People's Bank has greatly supported the country's socio-economic development. People's Bank continues to introduce new banking technology to the financial sector and to its customers in order to establisher stronger relationships with them. We look to pioneer modern banking solutions in the future as well”.

While the bank initially focused on rural sectors and cooperative movements, since then the bank has evolved and is currently offering a range of products to support their customer’s standards of living. The loan schemes on offer include, Personal Loans, Housing Loans, Professional Loans, Educational Loans and Vehicle Loans. Furthermore, People’s Bank from time to time has introduced special loans schemes to assist farming and fishing communities especially to revive the country’s economy after challenging times.

Adapting to the modern world, the People’s Bank launched a digital banking project in 2015, to ensure that their customers could transact easily, safely and efficiently. People's Bank was the first bank in the island that took steps to undertake a comprehensive digital transformation project covering major part of its operations. As a result People's Bank now provides a world class digital banking experience to all its customers.

For example, People’s Bank has enabled customers to open an account paperless in as short a time as 10 minutes. As another key component of the digitization journey, People's Bank introduced People's Wave mobile banking App for customers to transact any time of the day using their mobile phone without having to go to a bank branch and this has become the most downloaded app in Sri Lanka. Also, People’s Wiz Loan Originating System has enabled the bank to grant personal loans within 24-hours.

On the 1stJuly 2021, People's Bank celebrated its 60th anniversary on 1st of July 2021 marking a period during which it revolutionized the Sri Lankan banking industry by taking innovative banking to touch the lives of even the most grass root level customers who had had been largely overlooked by the industry.

During the past 60 years, the bank has always strived to understand its customers' needs and was able to use new technology and innovative products to meet those needs. It is this approach that has won them Sri Lanka’s largest customer base of over 14 million.

People's Bank was established under Act No. 29 of1961 with the aim of uplifting the corporate business and rural banking systems. This Act was submitted to Parliament by then Minister of Trade, Food, Co-operatives and Shipping,T. B. Illangaratne, during the regime of Prime Minister Sirimavo Bandaranaike. Vincent Subasinghe was the first Chairman of People's Bank; he was a pioneer in providing banking services to the corporate sector.

In an era when banking services were limited to English speaking upper end of the society,

It was the establishment of People's Bank that changed that phenomenon, by starting to work in Sinhala and Tamil. 

Right from the inception, the bank started working towards its mission to serve the masses. Accordingly, People’s Bank has introduced many firsts to the country such as agriculture loans, Pawning, SME loans, Women’s Savings Accounts and Children’s Savings Accounts to name few. Most of these product concepts were so widely embraced by the society, that almost all the local commercial banks are now offering them under different brand names.

Currently, People's Bank is one of Sri Lanka’s largest financial institutions, boasting over Rs.2.3 trillion in assets. Its network of 741 branches/service centres is the country’s largest. The bank also possesses a network of over 250 Self Banking Units operating 24/7 all 365 days of the year. This enormous network has enables the people to get their banking done safely, securely and with ease of accessibility.

Speaking at a 60th anniversary celebratory event, the Chairman of the People's Bank Mr. Sujeewa Rajapakse stated “Marking a turning point in the Sri Lanka banking sector, People’s Bank was established on 1st July 1961. Today, we celebrate the 60th anniversary with much pride. As a reputed state bank, People's Bank not only provides state-of-the-art financial facilities but also renders their services to uplift the social economy. As a state bank, People’s Bank’s objectives transcend beyond mere profits and the main focus has always been the country’s development. Hence many a time we have provided financial facilities for exports, education, health, expressways and tourism infrastructure.

People's Bank has always come forward to shoulder the societal responsibilities and even the current COVID-19 pandemic is no different. We are very much a part of this nation and this is why the country in turn considers us as the pride of the nation”.

Ranjith Kodituwakku - Chief Executive Officer and General Manager, People’s Bank also commented “From the inception, People's Bank was open to the common man instead of just one strata of the society. Although the bank was catering the mass market, that did not prevent it from being innovative and technology oriented. This is why People’s Bank expanded rapidly in terms of network, financial performance, product portfolio and brand value. Furthermore, People's Bank has greatly supported the country's socio-economic development. People's Bank continues to introduce new banking technology to the financial sector and to its customers in order to establisher stronger relationships with them. We look to pioneer modern banking solutions in the future as well”.

While the bank initially focused on rural sectors and cooperative movements, since then the bank has evolved and is currently offering a range of products to support their customer’s standards of living. The loan schemes on offer include, Personal Loans, Housing Loans, Professional Loans, Educational Loans and Vehicle Loans. Furthermore, People’s Bank from time to time has introduced special loans schemes to assist farming and fishing communities especially to revive the country’s economy after challenging times.

Adapting to the modern world, the People’s Bank launched a digital banking project in 2015, to ensure that their customers could transact easily, safely and efficiently. People's Bank was the first bank in the island that took steps to undertake a comprehensive digital transformation project covering major part of its operations. As a result People's Bank now provides a world class digital banking experience to all its customers.

For example, People’s Bank has enabled customers to open an account paperless in as short a time as 10 minutes. As another key component of the digitization journey, People's Bank introduced People's Wave mobile banking App for customers to transact any time of the day using their mobile phone without having to go to a bank branch and this has become the most downloaded app in Sri Lanka. Also, People’s Wiz Loan Originating System has enabled the bank to grant personal loans within 24-hours.

In addition, a mobile app was specially introduced to institutional customers called People's Wyn. Online banking facilities targeting both retail and corporate customers were introduced in 2018.

In recognition of the unparallel contribution made by the People’s Bank towards betterment of the country, banking industry and customers, it has been recognized with many an award both locally and internationally over last several years. Recently the Bank won multiple awards from leading institutes such as The Asian Banker magazine (Sri Lanka’s Best Retail Bank & Sri Lanka’s Best Digital Bank in 2021” and Asia Money magazine (Best Domestic Bank and Best Digital Bank in Sri Lanka in 2020). Additionally, The Banker Magazine named People’s Bank as one of the top 1000 banks. Locally, People’s Bank has won “Banking Services Provider of the Year” award at SLIM Nielson awards for 15 consecutive years.

In addition, a mobile app was specially introduced to institutional customers called People's Wyn. Online banking facilities targeting both retail and corporate customers were introduced in 2018.

In recognition of the unparallel contribution made by the People’s Bank towards betterment of the country, banking industry and customers, it has been recognized with many an award both locally and internationally over last several years. Recently the Bank won multiple awards from leading institutes such as The Asian Banker magazine (Sri Lanka’s Best Retail Bank & Sri Lanka’s Best Digital Bank in 2021” and Asia Money magazine (Best Domestic Bank and Best Digital Bank in Sri Lanka in 2020). Additionally, The Banker Magazine named People’s Bank as one of the top 1000 banks. Locally, People’s Bank has won “Banking Services Provider of the Year” award at SLIM Nielson awards for 15 consecutive years.

People's Bank Dankotuwa Branch moves to new premises

People's Bank Dankotuwa Branch moved to a new location on 21st June 2021. The opening ceremony of the new premises was attended by People's Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku.

The new spacious premises offers added convenience to customers along with a full range of services backed by the latest digital banking technology.

People’s Bank Deputy General Manager (Recoveries) Lionel Galagedara, Regional Manager(Puttalam) K.A.A.S Peiris, Assistant Regional Manager S.A.M.L Sirimanne, Dankotuwa Branch Manager D.M Liyanage, customers, also participated at the event.

People’s Bank begins construction of its new Head Office building under the auspices of the Honorable Prime Minister.

Marking an important milestone of its 60 years’ history, People’s Bank began construction of its all-new Head Office building. The Prime Minister, Honourable Mahinda Rajapaksa inaugurated the construction by unveiling the ceremonial plaque digitally on the 28th of May 2021.

The ceremony to mark this event which was held simultaneously at the Temple Trees and the building site linked seamlessly via digital connectivity was attended by Honourable Ajith Nivard Cabraal - State Minister of Money & Capital Market and State Enterprise Reform, Honourable Shehan Semasinghe - State Minister of Samurdhi, Household Economy, Micro Finance, Self-Employment and Business Development, W.D Lakshman - Governor of the Central Bank of Sri Lanka, R. Attygalle – Secretary to the Ministry of Finance, Gamini Senerath - Secretary to the Prime Minister, Yoshitha Rajapaksa - Chief of Staff to the Prime Minister, Sujeewa Rajapakse - Chairman, People’s Bank and members of the Board of Directors.

Ranjith Kodituwakku - Chief Executive Officer/ General Manager, People’s Bank laid the foundation stone at the building site on Honourable Prime Minister’s behalf.

Speaking at the ceremony, Sujeewa Rajapakse, Chairman of People’s Bank stated that the bank is proud to be serving the country without being driven merely by profit motive. He also said that the new building will fulfil a long felt need of People’s Bank for a comprehensive Head Office building.

Addressing the gathering Hon. Prime Minister acknowledged the pivotal role played by People’s Bank in country’s development by providing services to over 14 million customers which is the largest banking customer base in the country. He also stated that commencement of large scale constructions such as this is a testament to the state’s unwavering commitment to keep maintain the development drive despite challenges such as COVID 19 pandemic. 

The new Head Office building will be constructed utilising state-of-the-art technology in line with the green building concept at No. 374, Dr Colvin R. De Silva Mawatha, Colombo 02 will consist of 23 floors and 3 basement floors.

People's Bank honoured as ‘Best Retail Bank’ and ‘Best Digital Bank’ at the Asian Banker Excellence in Retail Financial Services International Awards 2021

The Asian Banker Excellence in Retail Financial Services International Awards 2021, one of the world’s most prestigious awards programmes has awarded People’s Bank the ‘Best Retail Bank in Sri Lanka’ and ‘Best Digital Bank’ awards in recognition of the giant strides taken by People’s Bank championing banking excellence in Sri Lanka.

The Excellence in Retail Financial Services Awards programme is run on a completely neutral basis and unfunded, over a 3-4 month period. It involves a team of highly experienced international researchers assessing over 160 financial institutions internationally.

Commenting on this monumental achievement, Mr. Sujeewa Rajapaksa, Chairman of People’s Bank said “While 2020 was a year like no other due to COVID-19 pandemic, People’ Bank not only was able to wade through them largely unscathed, but also played a key role in executing the government’s financial relief programmes to support COVID-19 affected individuals and businesses by providing moratoria and concessionary loans. Awards such as these further encourage us to continue to do our utmost for the nation as the country’s most widely embraced bank by the people”.

Mr. Ranjith Kodituwakku, Chief Executive Officer/ General Manager of People’s Bank stated “I couldn’t be prouder of this achievement. Being named ‘Best Retail Bank’ and ‘Best Digital Bank’ by the Asian Banker Excellence in Retail Financial Services International Awards is an ode to the dedication and commitment of all our staff which made it possible for the bank to overcome unprecedented challenges posed by COVID 19 pandemic.

People’s Bank which possesses the country’s largest banking customer base of over 14 million also possesses the country’s largest branch network. Not resting on its laurels, the Bank began an ambitious digital transformation journey in 2015, from which time the bank has launched a host of diverse digital banking solutions to deliver enhanced convenience, speed, and efficiency to customers. Extending these services to the rural areas of the country as well, the bank has gained unparalleled success in turning Sri Lanka into a digital society. Bearing testament to the bank’s ability to take technology to the masses, People’s Bank’s Mobile Banking App remains the most downloaded banking app in the country. 

During the COVID 19 pandemic, People’s Bank Mobile Service covered over 1,000 rural townships to enable access to banking and finances to customers even in the most remote areas. The service was further enhanced with Palmtop Banking to allow customers to withdraw and deposit money without the use of an ATM card.

Further, in order to soften the COVID 19 impact on the overall economy, the Bank swiftly implemented a range of relief packages including moratoria mandated by the government and provided relief to over 480,000 individual customers which is the highest number by a bank in Sri Lanka.

People’s Bank also introduced multiple loan schemes to support the economic revival of the country. These schemes were offered to a large cross-section of groups included Doctors, Dentists, Engineers, Accountants, IT Professionals/Software Engineers, Healthcare Professionals, School Teachers, University Staff Members, Students and Artists. To further enhance the customer experience, the bank introduced a Retail Loan Originating System (RLOS) to over 100 branches thus enabling customers to obtain personal loans in 24 hours.

People’s Bank which also pioneered the pawning business in Sri Lanka came up with a range of concessions to help pawning customers during this difficult period. This included reducing interest rates and introducing a facility that allowed partial pawning payments to be made via Self Banking Units anytime of the .

These initiatives are a testament to the bank’s commitment to delivering superior experiences to their customers, by leveraging on its digital banking supremacy

People’s Bank obtains an enjoining order against “People’s Capital Investments and Credit (Pvt) Ltd

People’s Bank recently filed action against “People’s Capital Investments & Credit (Pvt) Ltd” at the Commercial High Courts holden at Colombo and obtained an enjoining order on 21.05.2021 restraining the latter from using the trade name “People’s” in their company name as it constituted a clear violation of Intellectual Rights of the People’s Bank.

The People’s Bank is a Banking Corporation established under the People’s Bank Act No. 29 1961 and it’s a state owned Commercial Bank carrying business for more than 60 years with the trade name “People’s” having 741 branches, 765 ATM machines, 244 self Banking Units, 221 KIOS and 274 CDMs across the Island.

There are many subsidiaries functioning under the People’s Bank carrying the Trade Name “People’s” namely;

•           People’s Leasing and Finance PLC

•           People’s Insurance Ltd

•           People’s Travels Ltd

•           People’s Fleet Management Ltd

•           People’s Leasing Property Development Ltd

•           People’s Leasing Havelock Properties LTD

Legal action against People’s Capital Investment and Credit (Pvt) Limited was instigated by the People’s Bank to restraining and preventing them from using the trade name “People’s”   as the said company which has no connection whatsoever to the People’s Bank was carrying on business under the above name at No. 440/3, 1st Floor, C Ponnampalam Road, Clock Tower Road, Jaffna.

This was supported by Mr. Kaushalya Nawarathne, Attorney-at-Law instructed by Mrs. Muditha Peiris, Attorney-at-Law.

People’s Bank introduces Saarabhoomi Loan Scheme for local organic fertiliser manufacturers

People’s Bank introduces the Saarabhoomi Loan Scheme to further support the state policy to increase the local manufacture of pesticides, weedicides and fertilisers. The loans will be granted at special concessionary interest rates with a maximum repayment period of up to 10 years for investments and up to 3 years for working capital requirements.

The criteria for applicants Saarabhoomi Loan benefits are as follows:

Fertiliser manufacturers must be in possession of certification from the National Fertiliser Secretariat and manufacturers of weedicide and pesticide should be in possession of certification from the Registrar of Pesticide (ORP) at the Department of Agriculture.

Fertiliser manufactures should have sufficient technological expertise and specialisation in the manufacture of organic fertiliser and all submitted projects should be financially and economically viable. An agreement with the Government allowing the purchase of fertiliser is mandatory.

The Saarabhoomi Loan scheme is obtainable from any People’s Bank branch island wide. Any further information or clarification can be obtained by calling 0112 481 356.

People's Bank Annual Report 2020 presented to State Minister of Money & Capital Market and State Enterprise Reforms Hon Ajith Nivard Cabraal

People's Bank Chairman Sujeewa Rajapakse presented the People's Bank's Annual Report for the year 2020 to State Minister of Money & Capital Market and State Enterprise Reforms Hon. Ajith Nivard Cabraal at the Finance Ministry recently.

Also present at the event were CEO/GM of People's Bank Ranjith Kodithuwakku, Head of Finance Azzam A. Ahamat.

People’s Bank’s digital banking supremacy highlighted with a record transaction volume during Avurudu season

People’s Bank showcased its digital baking prowess yet again by completing a mammoth 5,822,504 transactions and dispensing Rs. 65.3 Bn from the 1st of April to the 15th of April 2021. This includes transactions completed via bank’s Internet banking, mobile apps ATMs, CDMs and Kiosks.

People’s Bank has been at the forefront of providing digital financial services to the rural areas of the country and has gained unparalleled success in turning Sri Lanka into a digital society. The bank pioneered Self Banking Units (SBUs), which was a concept that consisted of ATMs, CDMs and Kiosks which allowed customers to bank at their convenience, 24 hours a day, 7 days a week, 365 days a year. The Self Banking Unit concept has been a colossal success for People’s Bank.

Additionally, the bank’s People’s Wave App and People’s Wyn Apps have also changed Sri Lanka’s digital banking landscape. The People’s Wave App has over 1 million downloads and consists of over 50 different financial transactions and a host of modern banking features to help make banking easier for customers.

The People’s Wyn App was designed specifically for the corporate world, enabling business to authorize, approve, and conduct corporate transactions such as transfers, payments, remittances and much more easily and securely.

People’s Bank began its digital transformation journey in 2015, from which time the bank has launched a plethora of diverse digital banking solutions to deliver enhanced convenience, speed, and efficiency to customers.

People’s Bank is well and truly on the way to continue its dominance in the digital banking sector in 2021 and beyond with a focus on transitioning into the most digitalized and technologically advanced bank in Sri Lanka.

Annual Report of People's Bank presented to Hon. Prime Minister Mahinda Rajapaksa

People's Bank Chairman Sujeewa Rajapakse presented the People's Bank's Annual Report for the year 2020 to Hon. Prime Minister Mahinda Rajapaksa at the Temple Trees recently. Also present at the event were CEO/GM of People's Bank Ranjith Kodithuwakku, Head of Finance Azzam A. Ahamat and Head of Marketing Nalaka Wijayawardana.

PBIBU successfully completes SL's largest ever listed debenture issue

People’s Bank Investment Banking Unit (PBIBU) reached a new high in its track record by successfully ensuring oversubscription of the Ceylon Electricity Board (CEB) Debenture Issue of LKR 20 Billion, the largest ever Listed Debenture Issue in Sri Lanka.

Accordingly, CEB’s Senior, Unsecured, Listed, Redeemable, Rated Debentures with a maturity period of five (5) years was oversubscribed on the opening day itself thus consolidating PBIBU’s position as the undisputed leader in Investment Banking in Sri Lanka.

Picture Shows Mr. Ranjith Kodituwakku, CEO/GM of People’s Bank handing over a plaque to commemorate the historical transaction of CEB to GM (Eng) Mrs. Kumudini Herath in appreciation of the trust placed in People’s Bank Investment Banking Unit as the Managers to the Issue and People’s Bank as the Trustee and the Bankers to the Issue.

People’s Bank leads efforts to revive the nation’s economy

As Sri Lanka’s premier commercial bank with national duty at its core, People’s Bank this year celebrates 60 years of yeoman service of providing financial stability, growth, profitability and leading the way in empowering the lives and livelihoods of Sri Lankan citizens.

Being a State-owned bank, People’s Bank, as its name depicts, is a people-centric financial institution that sets goals to be an exemplary corporate citizen. Despite challenging operating conditions due to the COVID-19 pandemic, 2020 was a watershed year for People’s Bank as the bank turned a new chapter in its six-decade old history, passing the Rs.2.2 trillion mark in assets and achieving a loan book of Rs.1.6 trillion, as the bank’s loans and advances grew over Rs.300 billion in 2020.

While growing its profile and financial strength as aforementioned, People’s Bank played and is continuing to play a special role in assisting the national economy, the government and the people to overcome the challenges brought in by the pandemic. Aptly displaying that national duty precedes everything else, People’s Bank was in the forefront of the efforts to assist the people and businesses beset by the pandemic, while duly extending its assistance to the government as a major State-owned bank.

In fact, the exceptional services of People’s Bank’s director board, senior management and the staff to the nation building process during the COVID-19 pandemic was acknowledged and appreciated by Dr.P.B. Jayasundara, Secretary to His Excellence the President during the Colombo Development Symposium held recently.

During the COVID 19 pandemic, in order to soften the impact on the overall economy, the Bank swiftly implemented a range of relief packages including moratoriums mandated by the government and provided relief to over 480,000 customers, which is the highest number provided by a bank in Sri Lanka. Also, the Bank offered Rs.13.7 billion worth of loans under the Saubagya COVID-19 Renaissance Facility, while offering over Rs.10 billion in direct and indirect loans to the country’s agriculture sector, realizing the importance of food security during a global pandemic. Further, the Bank provided Rs.14.2 billion worth of financial assistance to small and medium-sized businesses (SMEs) and Rs.286 million in loans to women entrepreneurs during 2020.People’s Bank is currently in negotiation with the China-led Asian Infrastructure and Investment Bank (AIIB) for a US $ 75 million-US $ 100 million loan to be o-lent to COVID-19 hit local SMEs.

Understanding its wider societal role, the Bank also assisted teachers, actors, musicians and other artists by giving loans worth over Rs.330 million while assisting university students lending over Rs.170 million to continue with their education, which included loans to purchase laptops. Further, as the bank of the people, People’s Bank extended over Rs.6.1 billion in loans to retired/disabled officers of armed forces as at December 31, 2020. The Bank has over one million senior citizen account holders, to whom a preferential rate of interest is being paid.

Meanwhile, People’s Bank extend Rs.240 billion in local currency and further Rs.80 billion in foreign currency to the Government of Sri Lanka to manage liquidity shortfalls during the height of the COVID-19 pandemic. Also the Bank purchased Rs.358 billion worth of Treasury Bills and Bonds from the primary auction in 2020, enabling the National Treasury and the Central Bank to maintain the rupee interest rates at the desired levels. As one of the largest contributors to the revenue of the exchequer, the Bank also remitted Rs.14.4 billion in taxes/dividends to the Government of Sri Lanka in the last financial year. 

“The year 2020 brought in unprecedented challenges due to COVID-19 pandemic, but People’ Bank was able to wade through them largely unscathed thanks to the commitment and the dedication of the Bank’s senior management and each and every member of the staff. They all understood their national duty and were completely up for the task at hand. While being at the forefront of the government’s financial relief programme to support COVID-19 affected individuals and businesses by way of providing moratoria and low interest loans, we provided unhindered services to our customers keeping over 70% of our branches open even during the height of the lockdowns, and through our advanced digital platform,” Chairman of People’s Bank, Mr.Sujeewa Rajapakse said.

“At the get go, we realized that top and bottom lines wouldn't define the year 2020. A lot more was asked from us by the people, the government and our customers, and I believe we were able to deliver that successfully to all our stakeholders. It was heartening to see People’s Bank’s efforts being publicly recognized by Dr.P.B. Jayasundara, Secretary to his Excellence the President, at the recently concluded Colombo Development Symposium,”Rajapakse added.

Commenting on the Bank’s performance in 2020 financial year and the challenges ahead, People’s Bank CEO/General Manager Ranjith Kodituwakku said: “Despite the extraordinary challenges we had to face, the key financial indicators of the Bank remained in-tact during 2020, bearing testament to its robustness, prudent risk management, astute Asset & Liability management and most importantly the timely decisions taken by the management with nation’s best interest at heart.

“However, the challenges are in no way over and the road ahead for banks this year could be choppier. But with its innate ability to overcome challenges, innovate and adapt will help People’s Bank to ride the post-pandemic era and emerge triumphant,” Kodituwakku added.

While satisfying the banking needs of its 14 million-customer base, and delivering its national duty diligently, People’s Bank continues to be at the receiving end of number of prestigious national awards and international accolades. People’s Bank was bestowed with the accolades of being recognized among the Top 1,000 Banks by the Banker Magazine, UK; The Best Digitised Bank in Sri Lanka 2020 at the Asia Money Best Bank Awards Sri Lanka; Best Consumer Digital Bank in Sri Lanka 2020 by World Finance Digital Banking Awards; Best Mobile Banking App by World Finance Digital Banking App and Best Digital Bank Awards in Sri Lanka by International Business Magazine Awards 2020.

Meanwhile, a preference survey conducted by AC Nielsen in association with the Sri Lanka Institute of Marketing among consumers of financial services through nationwide selected People’s Bank as the ‘People’s Banking Service Provider of the Year’ award for the 15th consecutive year, at the recently-concluded ‘SLIM Nielsen People’s Awards 2020’.

The International Chamber of Commerce of Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA) also ranked People’s Bank among the Top 10 Most Admired Companies in Sri Lanka. People’s Bank, with a brand value of Rs.44.75 billion, is also recognized as one of the country’s top three brands by world acclaimed Brand Finance in 2020.

Further, Sri Lanka based K-Seeds ranked People’s Bank at the top most position among all licensed and specialized banks in the country in their latest ranking report for the year 2020 based on the Bank’s solid key performance indicators such as cost to income ratio, return on equity, return on assets, gross NPL, loan growth, CASA etc.

With 60 years of serving the nation proudly stamped on its report card, People’s Bank sets sights on a positive future with courage and optimism to better serve the mother Sri Lanka and its people for many years to come.

People's Bank opens 250th self-banking unit at Kandy City Centre

Marking a milestone in its 60  years long history, People’s Bank recently opened its 250th Self Banking Unit at the Kandy City Centre. It was opened under the auspices of People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku.

The unit consists of an ATM and a Cash Deposit Machine (CDM). Self Banking Units provide unparalleled accessibility and convenience to customers as it enables them to conduct transactions 24 hours a day, 7 days a week and 365 days a year..

Property Finance & Investment Kandy (PVT) Ltd Chairman/ Managing Director  Thusitha Wijayasena, People’s Bank Deputy General Manager (Channel Management) Mahinda Premanath, Kandy Regional Manager Buddhika Ranatungage, Assistant Regional Managers Thissa Thennakoon and Anusha Alahakoon and KCC Branch Manager Anjana Kulasekara and other People’s Bank officials were present at the opening of the unit.

The unit was opened in line with People’s Bank’s digitalization drive, with the aim of providing an enhanced banking experience to customers. The first SBU was opened in December 2016 at the People’s Bank Head Office which was followed by similar units that were opened across the island. The 100th unit was opened in Trincomalee and the 200th in Kankesanthurai were established.

Up to 60% discounts from People’s Credit Cards this Avurudu season!

The upcoming Sinhala and Tamil New Year promises to be a joyous one for People's Credit Card holders who can enjoy discounts up to 60% from leading merchants across various sectors through the New Year season! Card members can swipe their People’s Credit Cards to purchase anything their heart desires across sectors such as leading hotels and resorts in the leisure sector; dine out at their favourite restaurants; shop for clothing, shoes and bags, cosmetics, jewellery, furniture or household needs at leading supermarkets; eye care at premier opticians; indulge in car care products and services; buy the latest mobiles and electronics; travel in Pick Me; or even just shop online. The holiday season is a special time for families to come together and exchange gifts and this opportunity from People’s Credit Cards to enjoy great discounts allows you to save while you shop!

Bringing joy to people on festive occasion for decades, People's Bank has partnered with popular merchants to ensure its cardholders enjoy a superior lifestyle and have a wonderful New Year season. As a bank with a finger on the pulse of its people, People’s Bank has devised its credit card to offer optimal value and convenience to fulfill the aspirations of its customer base.

The People’s Visa credit card offers the lowest interest rates and fee structure in the market - enabling card holders to save during the season. Card Holders can swipe away without worry because People’s Bank offers highest levels of security. For those who could miss out on this special offer – you can get your People’s Credit Card in a hassle-free manner from any of its strategically located branches across the island.

Through its network of 739 branches and an extended ATM network of over 4,000 ATMs set up in partnership with Lanka Pay Gateway and the Bank's network of Self Banking Units located islandwide, customers can enjoy a convenient and efficient banking experience 24 hours, 7 days a week and 365 days a year, without ever having to visit a bank branch. 

People’s Bank crowned as the ‘People’s Choice’ for 15th consecutive year at SLIM Nielsen People’s Awards 2021

The Bank of the People, People’s Bank, once again reasserted its industry leadership position by securing the highly-coveted “People’s Banking Service Provider of the Year” award for the 15th consecutive year, at the recently-concluded ‘SLIM Nielsen People’s Awards 2020’. Organized by the Sri Lanka Institute of Marketing (SLIM) and the AC Nielsen - a leading global information and measurement company - ‘People’s Awards’ is the main award ceremony in the country which recognizes and champions the true choice of the people annually. People's Bank CEO/ General Manager, Ranjith Kodituwakku, together with the corporate and executive management of People’s Bank were present at the awards ceremony to triumphantly accept the prestigious award.

People’s Bank is the country’s Premiere Licensed Commercial Bank, with Sri Lanka’s largest banking footprint comprising 741 branches and service centers islandwide. With a history spanning 60 years, the Bank benefits from a staff strength of close to 8,000, serving more than 14.0 million customers and close to 19.0 million account relationships - which is by far the largest for any Financial Services provider in country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA-(lka/ Stable)”; by Fitch Ratings Lanka Ltd. People’s Bank is the first and only Bank in Sri Lanka to be accredited with the ISO/IEC 27001:2013 certification; the highest international accreditation for information protection, and security.

With a view to bringing the benefits of digitalization to the entire nation, People’s Bank embarked on a digital transformation journey back in 2015 by taking a pioneering role in digitization and customer engagement. Since then, a host of diversified digital banking solutions have been launched that deliver enhanced convenience, speed and efficiency, and convenience to customers at every point in their interactions with the bank. People’s Bank prides itself for being at the forefront of facilitating digital-financial services penetration into the rural hinterlands of the country and has recorded unmatched levels of success in supporting the nation’s evolution into a digital society.

More significantly, People's Bank has earned loyalty from the people of the country by fulfilling customers’ aspirations, hopes and dreams. The Bank has introduced a number of loan schemes such as Personal Loans, Housing Loans, Professional loans, Educational Loans and Vehicle Loans to uplift living standards of its customers, in addition to supporting enterprise development with various schemes to support the farming and fishing communities as well as SMEs.

During the COVID 19 pandemic, in order to soften the impact on the overall economy, the Bank swiftly implemented a range of relief packages including moratoriums mandated by the government and provided relief to over 480,000 individual customers which is the highest number provided by a bank in Sri Lanka. Secretary to the President Dr. P.B. Jayasundera also acknowledged the contribution of People's Bank towards nation building during Covid-19 pandemic situation at the recently held Colombo Development Symposium.

People’s Bank CEO/ General Manager felicitated by Association of Professional Bankers

People’s Bank CEO/ General Manager Ranjith Kodithuwakku was felicitated by the Association of Professional Bankers at their Annual Member Felicitation Ceremony held recently. The ceremony was held at the Ivy Room at the Cinnamon Grand, in compliance with the required health and safety guidelines.

The ceremony was attended by Council Members, Advisory Council Members and the Fund Management Committee of the Association of Professional Bankers Sri Lanka.

People's Bank Polonnaruwa City Branch moves to Polonnaruwa City Center

People's Bank Polonnaruwa City Branch was recently relocated to Polonnaruwa City Center (PCC). The opening ceremony of the new premises was attended by People's Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku.

The new spacious premises offers added convenience to customers along with a full range of services backed by the latest digital banking technology.

Polonnaruwa Municipal council Mayor Chanaka Sidath Ranasinghe, People’s Bank Deputy General Manager (Channel Management) Mahinda Premanath, Acting Deputy General Manager (Banking Support Services) Lalith Vithana, Assistant General Manager(Channel Management) T.M.W Chandrakumara, Head of Marketing Nalaka Wijayawardana, Regional Manager Idumini Rathnayake, Assistant Regional Manager H.G.N Arohana, Polonnaruwa City Branch Manager Prabath Ranasinghe along with a large number of customers also participated at the event.

People's Bank unveils range of value additions for Vanitha Vasana at national Women's day commemorative celebrations

The National Women’s Day ceremony was held on the 8th of March 2021 at Independence Square under patronage of Honourable Prime Minister Mahinda Rajapaksa. At this occasion, People’s Bank introduced a specially branded Vanitha Vasana Dedit Card in lieu of International Women’s Day. People’s Bank Chairman Sujeewa Rajapakse presented the Card to the Honourable Prime Minister Mahinda Rajapaksa.

Further, in lieu of International Women’s Day, People’s Bank introduced Smart Ladies deposit certificates and Vanitha Vasana Money Planner investment plan for Vanitha Vasana accountholders. These products enable Vanitha Vasana customers grow their savings via a single deposit or a series of monthly deposits. Further, the all these special products offer attractive discounts at leading merchant locations for Vanitha Vasana accountholders.

Gracing this occasion were, Madam Shiranthi Rajapaksa, Education Minister Professor. G. L. Pieris, State Minister for Women & Child Development, Pre-schools & Primary Education, Schools Infrastructure & Education Services Piyal Nishantha de Silva and Ministry Secretary Mrs. Sriyani Dammika Kumari Jayasekera. People's Bank CEO/ General Manager Ranjith Kodituwakku, Deputy General Manager (Process Management, Quality Assurance and Retail Banking) Renuka Jayasinghe and  Head of Marketing Nalaka Wijayawardana were also present.

The inaugural  commemorative program Ammavarune, was a held at the Independence Square and on the 9th March, at  Foundation Institute named 'Diyaniya' on the 10th of March ‘Viyawasaya Agauma’ at Divisional Secretariat in Negombo, on the 11th of March ‘Diriya Janana’ at Child Protection Authority, on the12th of March 'Nana Pradeepa' at Children's Secretariat, on the 13th of March ' Palamu Pasala Mavkusai’ at Ashokarama Temple in Kalutara North and on the 14th of March  at District Secretariat Ampara named as' Mathrue Vandana'.

PB reports highest ever balance sheet growth in 2020 while extending unparallel support to boost economic revival

People’s Bank today announced the results for its year ended December 31, 2020 reporting consolidated net loan growth of LKR 315.7 billion; representing a 21.6% growth year on year and accounting for close to one third of overall net sector credit extended during the period. Close to two third of credit was to the State and State Owned Enterprises. It’s consolidated assets reached LKR 2,400.6 billion up 17.1% from LKR 2,049.8 billion at end 2019 whilst its total deposits grew 21.8% to reach LKR 1,935.2 billion from LKR 1,588.9 billion at end 2019 - all of which Institutional all times highs. Of deposit growth, 53.8% stemmed from Current and Savings Accounts - ultimately showcasing the Institutional brand strength and depositor confidence

From a COVID-19 moratorium perspective, the Group extended relief to 460,000 retail customers - the largest for any financial services provider - and over 21,000 businesses. Beneficiaries of such business relief included, amongst other, close 10,500 three-wheel owners and 7,500 passenger transport service providers in addition to other small businesses. In addition, the Group introduced multiple loan schemes at highly concessionary rates of interest. It extended over LKR 27.0 billion to revive Small and Medium Scale Enterprises, including LKR 13.7 billion in Saubghaya loans, and over LKR 10.0 billion to the agriculture sector. Over LKR 780.0 million in credit facilities were extended to also support university students, teachers, actors, musicians and other professionals including to promote women entrepreneurship; much of which during the latter half of 2020. In its effort to uplift the housing and construction sector, the Bank also extended over 9,000 home loan facilities amounting to over LKR 105.0 billion much of again during the last few months of 2020. All these however saw consolidated net interest income drop by 5.3% to LKR 74.4 billion - also reflecting consolidated moratorium interest concession of over LKR 5.0 billion

Reflecting fee waivers, concessions and the drop in trade finance activities consolidated net fee income amounted to LKR 7.3 billion - a 10.2% reduction from LKR 8.2 billion in 2019. Consolidated operating income reached LKR 90.8 billion - a 5.8% dip relative to LKR 96.5 billion in 2019. Consolidated impairment charges rose by 50.4% to LKR 17.6 billion with the Group’s stage 3 loans representing 9.5% of its total loans at end 2020. Excluding State Owned Enterprises, its gross non performing loans were 6.2% of total loans at end 2020

Total consolidated operating expenses amounted to LKR 43.9 billion - a LKR 3.7 billion or 7.7% reduction compared with LKR 47.6 billion in 2019. This reflected group wide reduction in non discretionary spending. Total consolidated taxes and dividends to the Government during the year amounted to LKR 16.8 billion (2019: LKR 25.1 billion). Consolidated post tax profit amounting to LKR 16.1 billion - down 0.5% from 2019. On a Bank standalone basis, it was LKR 14.2 billion up 9.7% compared with LKR 12.9 billion in 2019

The Bank’s Consolidated Tier I and Total Capital Adequacy was 10.7% and 15.6%, respectively at end 2020 (end 2019: 11.6% and 14.9%). On a Bank standalone basis, it was, respectively - 9.5% and 15.5% (2019: 10.7% and 14.7%)

Commenting on the results, the Chairman of People’s Bank - Mr. Sujeewa Rajapakse stated that: “In a year of extraordinary challenge in an unseen like before operating environment, People’s Bank has not only pushed the boundaries of performance and delivery but also supported the Government in its endeavors to preserve and protect the economy from further consequence and to help in its revival. Unlike in a typical year, our success in 2020 is not measured by a typical top line or bottom line but by our national value added and customer centricity which was at the heart of every decision making process. An ability to go above and beyond a time of need is what ultimately defines this institution and the individuals who run it. The above all said, our job is far from over. With the economy showing early signs of rejuvenation, and not complacent with any of our previous successes, we remain conscious of the challenges that still lie ahead but look forward to the future with a great degree of hope and optimism.

He continued: “On behalf of the Board of Directors, I take this opportunity to extend our sincere appreciation to His Excellency the President and the Honorable Prime Minister for their leadership and guidance, and to the Secretary to the President, the Secretary to Treasury and the Governor of Central Bank and their teams for their valued counsel at all times. Lastly, the Chief Executive Officer/ General Manager for his exemplary leadership and employees at all levels for their admirable commitment without whom this would not be possible”

The Chief Executive Officer/ General Manager of People’s Bank - Mr. Ranjith Kodituwakku stated that: “2020 was an out of the ordinary year on many fronts. Operationally it was the year which put digital and technological capabilities of all institutions alike, and their contingency plans, to the ultimate litmus test. It was also the year which held customer centricity to account. Our delivery on these many fronts remains best described in our ability to keep over 70% of branches open during even the peak of the lock down, an ability to be the first to facilitate credit relief to customers no sooner made known by the regulator and an ability to mobilize deposits and disburse loans in a time and manner previously undone. In addition, the depth and breadth of People’s Bank’s operating and support service platforms considered, an ability to ensure over 99.0% uptime is maintained consistently without exception across all its platforms an ability to process over LKR 1.0 trillion in transaction volumes including through digital speaks for the Bank’s abilities and capabilities both human and technological

He continued: “In addition, several measures were taken to ensure safety and stability of the institution such as reducing capital expenditures and focusing lending to more priority/ essential service sectors. Forming an integral part of such efforts, the Bank also raised LKR 20.0 billion in Basel III, Tier 2 Debentures - which is the single largest issuance the country has seen by any Financial Institution to date. I thank the Chairman and the Board of Directors for their leadership from the very front and my entire team for their tiring efforts and unwavering commitment. We look forward to the future with optimism"

People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking foot print comprised of 741 branches and service centers island wide. With a history spanning 60 years, the Bank benefits from a staff strength of close to 8,000 serving more than 14.0 million customers and close to 19.0 million account relationships - which is by far the largest for any Financial Services provider in country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA-(lka/ Stable)”; by Fitch Ratings Lanka Ltd.

With a view to bring the benefits of digitalization to the entire nation, People’s Bank embarked on a digital transformation journey back in 2015 by taking a pioneering role in digitization and customer engagement. Since then a host of diversified digital banking solutions have been launched that deliver enhanced convenience, speed and efficiency, and convenience to customers at every point in their interactions with the bank. People’s Bank is the first and only Bank in Sri Lanka to be accredited with the ISO/IEC 27001:2013 certification; the highest international accreditation for information protection, and security.

People’s Bank prides itself in being at the forefront of facilitating digital-financial services penetration into the rural hinterlands of the country and has recorded unmatched levels of success in supporting the nation’s evolution into a digital society.

People's Bank to encourage saving among women through Vanitha Vasana this Women’s Day

Playing multiple roles as a mother, a daughter, a friend, an employee or as a sister, women shoulder the burden of looking after the family as well as raising the economy of the country. In view of the invaluable services rendered by women People's Bank has taken several initiatives to celebrate World Women's Day which falls on the 8th of March to pay homage to women.

Mrs. Renuka Jayasinghe, Deputy General Manager, Process Management Management, Quality Assurance and Retail Banking of People's Bank said: “On World Women's Day in 1993 People's Bank introduced ‘Vanitha Vasana’ savings account for the thrifty Sri Lankan women to further their savings. ‘Vanitha Vasana’ is the first savings account introduced by a commercial bank especially for women. People's Bank was able to encourage women to save as well as grant them loans to uplift the economy of the family and the country through the ‘Vanitha Vasana’ account. Our theme for this years’ World Women’s Day is 'Saving with unwavering determination to face challenges Day and we are aiming to offer special benefits to all ‘Vanitha Vasana’ account holders. During the COVID-19 pandemic which prevailed last year, we had to face challenges we did not expect. The pandemic affected the society and the economy and women from all walks of life were vested with more responsibilities to manage their income and expenses.”

People's Bank on behalf of World Women's Day introduces Vanitha Vasana- Smart Ladies six months saving certificate. These certificates are worth Rs. 25,000, Rs. 50,000, Rs. 100,000 and 250,000.  The specialty of these curated certificates is that the customers get a 30% bonus interest at the start.

Along with the Vanitha Vasana account, Vanitha Vasana Investment Planner account will also be introduced to help to uplift their economy. Customers can start their investment plans according to their personal savings goals for the end of the year.  The Investment plans are worth Rs. 10,000, 25,000, 50,000, 100,000, 250,000 and Rs. 500,000.

In addition, a branded debit card will also be introduced to Vanitha Vasana account holders in line with Women’s Day.  This card enables customers to withdraw money, check bank balance and change pin numbers and pay utility bills and pawn installments using KIOSKS.

Vanitha Vasana cardholders can also enjoy discounts during promotional periods while purchasing goods through digital banking. In addition, Vanitha Vasana account holders are also entitled to a 0.5% interest relief for People's Bank Swarna Pradeepa Pawning loans.

Well planned savings will lead to financial stability in the future. Especially in occasions of higher education opportunities, migration, self-employment, business purposes, unexpected emergencies or daily expenses in the family.

The Purpose of introducing People's Bank’s Vanitha Vasana account is to encourage saving among women so they could face these situations without having to compromise the comforts in life. People's Bank cordially invites all hopeful ladies to make most of this opportunity and make their dreams come true.

People’s Bank enables Sri Lanka Insurance premiums to be paid via Cash Deposit Machines

A facility has been provided by the People's Bank to pay Sri Lanka Insurance Life and General insurance premiums via Cash Deposit Machines(CDM) at People’s Bank Self-banking units (SBU). 

With the enabling of this novel feature, Sri Lanka Insurance Life and General insurance customers will have the added benefit of being able to make their premium payments conveniently at 244 Self Banking Units of People’s Bank. Payments done in this manner are credited real-time.

This is yet another step in the bank’s endeavor to strengthen institutional connections to efficiently facilitate financial services and operations.

The official launch of this service was held at People’s Bank Head Office in Colombo 02 by Sujeewa Rajapakse, Chairman of People's Bank, Jagath Wellawatta, Chairman of Sri Lanka Insurance, Ranjith Kodituwakku, CEO / GM of People's Bank and Chandana L. Aluthgama CEO of Sri Lanka Insurance.

People’s Bank Senior Deputy General Manager (Payment and Digital) K. B Rajapaksa, Deputy General Manager (Channel Management) Mahinda Premanath, Head of IT Dhammika Dasa, Head of Marketing Nalaka Wijayawardana, SLIC Chief Officer - Business Development Rukman Weeraratne, SLIC Chief Information Officer Aloka Jayawardena were present at this occasion.

People’s Bank offers gift hampers worth Rs.2,000,000 to lucky winners of Western Union Promotion

People’s Bank recently launched a promotional programme to select  200 winners from customers who received money transfers from abroad via Western Union and offer them gift hampers worth 2,000,000/-.

The January draw of this promotion was held at the People's Bank Head Office and 25 winners were selected from customers who received money via Western Union between 1st January to 31st January who were eligible for the draw. The Promotion will continue till 30th May 2021.

Present at this occasion were People’s Bank Deputy General Manager (Process Management & Quality Assurance and Retail Banking) Ms. Renuka Jayasinghe, Assistant General Manager (Overseas Customer Services) Anoma Madduwa and Head of Marketing Nalaka Wijewardana.

People’s Bank aims to light up young lives with “People’s Spark” programme

People’s Bank introduces “People’s Spark” an Entrepreneurship Development Programme including a dedicated collateral free loan scheme for young graduates and for those who have Level 5 National Vocational Qualifications or above. The programme has been developed in line with the Governments National policy framework “Vistas of Prosperity and Splendour” The objective of the programme is to focus on developing entrepreneurship among educated and vocationally trained young people by financing between 100 and 150 start-ups, prioritising Agriculture, Food & Beverage, Manufacturing, Innovation, Tourism and Essential services such as Health, Education and Logistics. The programme also aims to transform classroom knowledge in to practical business ideas via comprehensive guidance programmes and incubation where applicants need to work for three months period under a successful entrepreneur. It also looks to contribute to the local economy by turning local resources in to plausible assets in terms of employment, import substitution and export orientation. To be eligible for the programme, candidates must be aged between 18-35 years of age, a citizen of Sri Lanka, a graduate from a University accepted by the University Grants Commission of Sri Lanka or have successfully completed level-5 National Vocational Qualification training or above. Candidates cannot be a defaulter of People’s Bank or any other financial institution, and must be willing to participate in training programmes and internships arranged by People’s Bank on a need basis. The purpose of the loan scheme is to facilitate investment and permanent working capital in the following eligible sectors, Agriculture, Manufacturing Industries, Food & Beverages, Innovation & Technology, Essential Services and Tourism. The maximum loan amount is Rs.2.5 Million per borrower. The maximum repayment period for an Investment Loan is 7 years which includes a grace period of 1 year if required. The Working Capital Loan can be repaid in a period of 3 years with a grace period of 6 months if required. Any interest on the loans should be serviced within the given grace periods. Loan repayment whether, monthly, once in two months or once in three months, can be arranged based on cash flow patterns of the business.

People’s bank promotes LankaQR facility in Galle

As part of the Third stage of the LankaQR promotional programme launched by the Central Bank, People's Bank conducted a promotional programme in Galle, Ambalangoda and Elpitiya areas to raise awareness about the LankaQR payment system.

The Central Bank introduced the LankaQR payment system with the intention of making cashless transactions easier and less costly for people by enabling payments via their mobile phones.

People’s Bank Galle Regional Manager M.M.A Rizmi and Staff Members were present at this programme.

People's Bank hosts ‘Birth of Freedom” programme at Nawalapitiya District General Hospital.

The ‘Birth of Freedom’ programme held by People’s Bank every Independence Day was carried out at the Nawalapitya District General Hospital. The Programme was conducted adhering to the Government quarantine guidelines.

The occasion was attended by Deputy General Manager (Channel Management) of People's Bank Mahinda Premanath, Kandy Regional Manager Buddhika Ranatungage, Assistant Regional Manager Anusha Alahakoon, Nawalapitiya Branch Manager Isura Dissanayake and other officials. 

In addition to the, Birth of Freedom programme Small Agri Holder Buisness Partnership programme Loans (SAPP) were also offered at the Nawalapitiya Branch Premises.

Under Birth of Freedom concept, People’s Bank gifted ‘Isuru Udana’ Gift Certificates to every baby born between the 1st and 7th of February 2021.

People’s Bank presents gift hampers to winners of the People's Bank Western Union promotion

People’s Bank launched a promotional programme to distribute gift hampers worth Rs.10,000 each to selected winners chosen out of people who received funds sent via Western Union from People’s Bank. Accordingly, The winners of Colombo Outer Region in the months of October, November and December were announced and were presented with their gift hampers recently.

Present at this occasion were Assistant Regional Managers of People's Bank Priyanka Rathnasiri and Vinodani Pieris, Maharagama Branch Manager W. D. S Jayanthika, Piliyandala City Branch Manager Harindani Abeywickrama, Gangodawila Branch Manager Kusala Samarawickrama, Moratumulla Branch Manager Dilini Ailapperuma and other officials.

All those who collect Western Union remittances from People’s Bank branches up to 31st of May 2021 are eligible for the draw and the winners will be selected on a monthly basis.

People’s Bank celebrates 73 years of Independence by giving gifts to children born on Independence week

People's Bank celebrated Sri Lanka’s 73rd National Independence Day by hoisting the national flag at a modest ceremony held at their Head Office in accordance with Government’s health and safety guidelines.       

The ‘Birth of Freedom’ programme held by People’s Bank every Independence Day was carried out this year as well. Under this concept, People’s Bank gifts Rs.2, 000 worth of ‘Isuru Udana’ Gift Certificates to every baby born between the 1st and 7th of February.

People’s Bank launched this programme in 2006 with the vision of instilling national pride and encouraging parents to plan for their children’s future. Parents can open an ‘Isuru Udana’ Children’s Savings Account at any People’s Bank Branch using the Gift Certificate and maintain the account.

People's Bank Acting Chief Executive Officer/ General Manager K.B. Rajapaksa, symbolically presented the ‘Isuru Udana’ gift vouchers and other gifts to the Director of the Castle Street Maternity Hospital Dr. Pradeep Wijesinghe and Director of De Soysa Hospital for Women in Borella, Dr Sagari Kiriwandeniya.

 People’s Bank Senior Deputy General Manager (Legal) Rohan Pathirage, Deputy General Manager (Retail Banking, Process Management & Quality Assurance) Renuka Jayasinghe, Deputy General Manager (Transaction Banking) Nipunika Wijerathna, Head of Marketing Nalaka Wijayawardana, Colombo South Regional Manager N.K Wimalasiri, Assistant Regional Manager U.A.L Srimathi, Borella Branch Manager Sanjaya Abeykoon, Town Hall Branch Manager Pathum Mihiraj along with hospital staff were also present at the event.

Additionally, People’s Bank made arrangements to celebrate ‘Nidahase Upatha’  island wide under strict Government quarantine guidelines.

People’s Bank introduces Vanitha Saviya loan facility for women

In line with the Government development drive, People’s Bank introduced the Vanitha Saviya loan scheme in 2020 to empower Sri Lanka’s women entrepreneurs.

This loan was designed for women who are engaged in micro or small-scale businesses or for those who start a business. Another main objective of this loan scheme is to lessen the financial burden of the women who were engaged in businesses during COVID-19 pandemic period.

For those who are already running successful businesses, the Vanitha Saviya loan scheme from People’s Bank allows them to obtain a facility up to Rs. 500,000 or a working capital loan of Rs. 200,000. For those just starting out, an amount of up to Rs. 120,000 can be obtained. With an interest that that will not fluctuate until the loan is settled, the Vanitha Saviya loan scheme is designed to put the applicant’s needs at the core of its premise.

Deputy General Manager of the People’s Bank (Enterprise Banking) Mrs. Krishani Narangoda expressed her views. The Vanitha Saviya loan scheme was mainly introduced by the People’s Bank to empower the country’s women and engage women on income earning activities. This loan scheme was introduced in line with the Governments national policy framework of Vistas of Prosperity.

To raise the national economy, rural economy should be developed. The contribution of women is important for the income generation and therefore it is vital that leadership capabilities of the women are improved. Through this, the development of entrepreneurship, the economy of the country and the standard of living of the Sri Lankans can be achieved.

Assistant General Manager (Development & Micro Finance) Mrs. U S Girty expressed her views. To be eligible for Vanitha Saviya loan scheme she should be a micro or small-scale business woman who has been carrying on her business for over 6 months continuously. Above conditions do not apply for women who make 40% or more contribution either in cash or goods.

The applicant should be between 25- 65 years of age. It is essential that the loan applicant resides in the operative area or carrying on the business in that area. In addition, the applicant should not be a defaulter to any bank or should not be a guarantor for such a loan. The business she conducts should produce goods or services that are in high demand and she should have a sound technical knowledge required for the business.

Loan repayment period is maximum 5 years which includes a maximum concessionary period of 3 months for fixed assets investment loans. For working capital loans the repayment period is maximum 3 years. A unique feature of this scheme is according to the business and its income the installment payments could be decided.

Applying for a Vanitha Saviya loan can be done through 741 Branches and service centers of the People’s Bank.

People’s Bank wins “Best Consumer Digital Bank” and “Best Mobile Banking App” at the World Finance Digital Banking Awards 2020

People’s Bank has won Sri Lanka’s “Best Consumer Digital Bank ” while the People’s Wave App has been crowned the “Best Mobile Banking App” at the World Finance Digital Banking Awards 2020. These accolades not only emphasize the bank’s success but further cement its position as Sri Lanka’s Most Digitalised Bank.

World Finance is a quarterly magazine that covers international business, the global economy and the financial industry. The World Finance Digital Banking Awards are the benchmark for global recognition in the financial industry and People’s Bank has been honoured with two awards for the year 2020.

Sri Lanka’s digital banking landscape has become exceedingly competitive throughout recent years and the COVID-19 pandemic in 2020 saw an immense rise in the need for digital banking solutions. These awards and other international recognition like being crowned as the “Best Digital Bank” at the Asiamoney Best Bank Awards 2020, underscore the extent to which People’s Bank’s digitalisation has been instrumental in paving the way in Sri Lanka’s digital banking sphere.  

Sharing his thoughts on these latest accolades, People’s Bank Chairman, Sujeewa Rajapakse said “People’s Bank is delighted to be recognised on a global stage yet again for our continued commitment to App technology and innovation. We couldn’t be prouder of the accolades we have achieved thus far, as it further makes clear that we are leading the way in Sri Lanka’s digital banking landscape”.

People’s Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku stated “Our commitment to digitalisation has helped us achieve a lot already, and we are excited to see where it takes us in the future. This commitment and these accolades have further cemented our place among some of the world’s leading financial institutions, which in itself is a great achievement, and we could not be prouder”.

 People's Bank’s digitalisation drive has witnessed a number of ground-breaking digital initiatives being launched in the local market. The Bank is the pioneer to launch Self-Banking Units (SBUs), a unique concept consisting of ATMs, Cash Deposit Machines (CDMs) and Kiosk machines enabling customers to bank at their convenience 24x7x365.

“People’s Wave” is the revolutionary mobile banking app which has become the most downloaded finance app in Sri Lanka, gaining an impressive 4.3 rating on Google Play Store and with over 900,000 downloads, this app has received international acclamation garnering several awards for its superlative features.

“People’s Wiz” is the first-ever digital customer on-boarding application in South East Asia, Africa and the Middle Eastern region. Since its launch, over 1.1 Million customers have been onboarded digitally through People’s Wiz. “People’s Wyn” is a specially-designed module for corporate clients, which is available as an internet banking portal and a mobile app. It provides great convenience, speed, flexibility and privacy for corporate clients to conduct their banking transactions.

“People’s Web” internet banking portal is synced with the People’s Wave mobile app. With enhanced features that deliver an exceptional customer experience, the portal is used by over 500,000 customers.

“People’s Wiz” Retail Loan Originating System (RLOS) is one of the Bank’s key innovative digital banking projects which enables bank to disburse personal loans within 24 hours with minimal documentation. 

People’s bank promotes LankaQR facility at Diyatha Uyana and Nugegoda area

As part of the second stage of the LankaQR promotional programme launched by the Central Bank, People's Bank conducted a promotional programme at Diyatha Uyana and Nugegoda area to raise awareness about the LankaQR system.

The Central Bank introduced the LankaQR transaction system with the intention of making transactions easier for people by enabling payments via their mobile phones.

The CEO/ General Manager of People’s Bank Ranjith Kodituwakku, Senior Deputy General Manager (Payment and Digital) K. B. Rajapaksa, Head of Marketing Nalaka Wijewardena, Chief Manager of the People's Card Centre Prasad Marasinghe, Colombo Outer Regional Manager  Lal Peiris and other People’s Bank officials were present at this event.

Pictured above are CEO/ General Manager of People’s Bank Ranjith Kodituwakku and Senior Deputy General Manager (Payment and Digital)K. B Rajapaksa presenting the LankaQR facility to businessmen.

People’s Bank offers Lanka QR payment option to Ceylinco Life Holders

People’s Bank recently entered in to agreement with Ceylinco Life Insurance Ltd to offer People’s Bank LANKAQR Payment acceptance solution to Ceylinco Life Policy holders. The agreement to offer this service was exchanged between People’s Bank Chairman Sujeewa Rajapakse and Ceylinco Life Executive Chairman R. Renganathan at Ceylinco Life Tower recently.

Lanka QR is a pioneering initiative of the Central Bank of Sri Lanka (CBSL) that aims to revolutionize the payments landscape in Sri Lanka by enabling fast, secure and low cost digital payments to a large number of merchants.

People's Bank CEO/GM  Ranjith Kodituwakku, Ceylinco Life Managing Director/ CEO E.T.L Ranasinghe, People’s Bank Senior Deputy General Manager  (Payment & Digital) K.B.Rajapakse, Chief Information Officer Dhammika Dasa, Head of Marketing Nalaka Wijayawardana, Chief Manager of the People's Card Centre Prasad Marasinghe, Ceylinco Life Director/ HR & Traning - P.D.M Coory, Director/CFO - Palitha Jayawardena, Director/ Deputy Chief Financial Officer Ranga Abeynayake also were present at the occasion of signing of agreements.

People's Bank Seeduwa Branch moves to new premises

People's Bank Seeduwa Branch moved to a new location on 04th Jan 2021. The opening ceremony of the new premises was attended by People's Bank Chairman Sujeewa Rajapakse and Chief Executive Officer/ General Manager Ranjith Kodituwakku.

The new spacious Branch is located at No.425, Colombo Road, Seeduwa, offering added convenience to customers along with a range of services backed by the latest technology.

Senior Deputy General Manager (Payments, Digital, Process Management and Quality Assurance) K.B.Rajapakse, Deputy General Manager (Channel Management) Mahinda Premanath, Head of Marketing Nalaka Wijayawardana, Regional Manager Nalin Pathirage, Assistant Regional Managers R. Gnanathilaka and Subashini Artigala, Seeduwa Branch Manager A. Thushara Nishanthi along with a large number of customers, also participated at the event.

 

People’s Bank’s international and foreign trade related banking activities unaffected and growing

Dispelling the politically motivated negative comments being perpetuated in the market that state banks are facing difficulties in conducting their international and Trade related banking activities, People’s Bank wishes to clarify that not a single Letter of Credit facility issued by the bank has been refused by any international bank to date.

People’s Bank being the country’s largest bank in terms of customer base and size of the branch network, plays a pivotal role in facilitating country’s import/export activities via issuing Letters of Credits and Guarantees to a large number of private and state-owned institutions. While certain parties are seeking to undermine the role of state banks by stating that the recent downgrade in the country’s credit rating by three international rating agencies has hampered state bank’s ability to facilitate international trade activities, the factual situation is that not a single Letter of Credit or Guarantee issued by People’s Bank has been rejected by any international party.

In fact, People’s Bank remains the preferred bank for international trade and foreign currency funding facilities in Sri Lanka by the international banking community, a fact that was proven once again by the recent ADB award it received for the Trade Deal of the Year which they jointly received with Standard Chartered Bank, Sri Lanka.

People’s Bank which will be celebrating its 60th anniversary in 2021 has always taken pride in playing a leading national role in the development of the country and always stepping in to play a critical role in any difficulty the country faced. The role it played during the recent COVID 19 pandemics is no different as it kept more than 70% of its branches open to serve the customers while providing the affected individuals and businesses with over Rs.300Bn worth of financial relief. 

People’s Bank’s financial stability is underscored the fact that it has been ranked among the Top 1000 banks in the world for 2018, 2019 and 2020 by the Banker magazine. The bank also possesses an impressive Rs.2.3 trillion asset base with over Rs.1.8 Trillion customer deposits which is indicative of the trust and confidence it enjoys within the country. The bank is also compliant with internationally accepted a BASEL III standards and all other applicable banking standards of the country and boasts of one of the lowest NPL ratios in the industry which are illustrate the prudent and professional manner in which it is being managed.

Attesting to its robust financial power, the bank granted more than Rs.400Bn worth of loans in this year alone and paid over Rs.11.3Bn in taxes and dividends. Further, People’s Bank in 2020 raised Rs.20Bn in a Debenture issue which was the largest ever BASEL III compliant debenture issue in the Sri Lankan banking industry which was oversubscribed on the opening day itself.

In light of the above, the Bank categorically denies having faced any difficulty in conducting its international trade related banking activities and advises the customers, businesses and all other stakeholders that the bank remains strongly positioned to facilitate any business activity that contributes to the country’s economic development.

People’s Bank opens an ATM at Makumbura Transport Hub

People’s Bank further expanded its wide ATM network by opening an ATM at Kottawa, Makumbura multimodel Transport Hub on 23 rd December.

People’s Bank which has the country’s largest branch network has over 760 ATMs and 244 Self Banking Units across the island.

Transport Minister Hon Gamini Lokuge, People’s Bank Chairman Sujeewa Rajapakse, CEO/GM Ranjith Koddithuwakku,  Secretary of Transport Ministry Monti  Ranathunga, Secretary of State  Ministry Lalith de Alwis, Project Director of Greater Colombo urban Transport Development Project Nalaka Dissanayaka, People’s Bank DGM (Channel Management) Mahinda Premanath, Head of Marketing Nalaka Wijayawardana, Regional Manager(Colombo Outer) Lal Peiris participated in the event.

People's Bank Homagama City Service Center moves to new premises

People's Bank Homagama City Service Center moved to a new location on 21st December 2020. The opening ceremony of the new premises was attended by People's Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku.

The new spacious Service Center is located at No.366, Katuwana Road, Homgama, offering added convenience to customers along with a range of services backed by the latest technology.

Deputy General Manager (Channel Management) Mahinda Premanath, Deputy General Manager (Enterprise Banking) Krishani Narangoda, Head of Marketing Nalaka Wijewardana, Assistant General Manager (Commercial Banking) Thushari

Hewawasam, Assistant Regional Managers, Homagama Branch Manager W.G.P Damayanthi and Homagama City Service Centre Manager C.L Nawarathne  along with a large number of customers, also participated at the event.

People’s Bank partners Industrial Development Board of Ceylon and SLIM to empower MSME in Sri Lanka.

People’s Bank recently signed a Memorandum of Understanding with the Industrial Development Board (IDB) and Sri Lanka Institute of Marketing (SLIM) to develop Micro, Small and Medium Enterprises in Sri Lanka. This is an extension of People’s Bank’s Memorandum of Understanding with IDB to promote local industries and brands, which was implemented under the “Made in Sri Lanka” loans programme. “Made in Sri Lanka” is a programme which was introduced in line with the Government's Vistas of Prosperity policy framework.

To synergize this programme, People’s Bank partnered with IDB and The Sri Lanka Institute of Marketing (SLIM) who will help identify deserving businesses and provide Marketing consultancy for them.

People’s Bank and the IDB hosted an event at the People’s Bank Staff Training College on 16 December 2020 to announce the partnership. After signing the Memorandum of Understanding at the event, 23 loans were granted to selected customers from across different regions in the country.

The event was attended by the Hon. Wimal Weerawansa, Minister of Industries, Sujeewa Rajapakse, Chairman of  People’s Bank, N.G Panditharathne, Additional Secretary of Industries Ministry,Upasena Dissanayake, Chairman, Industrial Development Board, Ranjith Kodituwakku, CEO/General Manager of People’s Bank, ,  P.L.U Rathnamalala, Director General of Industrial Development Board, Roshan Fernando, Chairman Sri Lanka Institute of Marketing, Krishani Narangoda, Deputy General Manager of People’s Bank and other officials

People’s Bank ranked among the ‘Most Admired Companies in Sri Lanka’

People’s Bank was recently ranked among the coveted top 10 ‘Most Admired Companies of Sri Lanka’ for the 2019/20 financial year, organised by the International Chamber of Commerce of Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) and the Daily FT. Open for both listed and unlisted companies, the annual ‘Most Admired Companies of Sri Lanka’ Awards recognise companies that are a cut above the rest in terms of not just their financial performance but also the value they create for their shareholders, customers, employees and the wider community in general. People’s Bank has been lauded for proving its mettle with consistency, authority and sustainable growth, delivering an excellent business performance. Over 59 years, People's Bank has gone to great lengths to provide innovative financial solutions to its valued customers. The Bank, with its wide network and close relationship with its customer base, is uniquely placed to understand the hopes and dreams of every customer and dedicates its efforts to provide both knowledge and financial solutions that help them realize their financial aspirations. Commenting on the accolade, People’s Bank Chairman, Mr. Sujeewa Rajapakse said, “We are proud to be ranked amongst the top 10 Most Admired Companies in Sri Lanka. Our enduring and meaningful relationship with our loyal customer base of 14 million has in turn inspired us to provide financial solutions to customers to enhance their lives and to fuel the economic engine. Also, some of Sri Lanka’s largest corporations today were supported by the Bank during their early stages. People’s Bank has always put the country first by focusing on empowering customers and industries to strengthen the nation’s economy. I take this opportunity to thank all stakeholders of the bank including customers and staff for their unstinted support without which this achievement would not have been possible” Mr.Ranjith Kodituwakku, CEO/GM of People’s Bank commented “People’s Bank has always been the pride of the nation, playing a pivotal role in offering simple and effective financial solutions to the masses. Continuing in this direction, the bank is now leading the digital revolution in banking sphere as well, offering simple yet effective digital banking solutions to add value to everyone’s day to day life. Recognitions such as this encourage us to commit ourselves with even greater resolve to move forward in this path. I also thank our valued customers and our most valuable asset, the staff members who made all this possible” People’s Bank’s digital offerings are impressive and have drawn industry-wide appreciation – with a real-time customer onboarding platform, People’s Wiz, the first for any bank in Southeast Asia, Africa, and the Middle East. People’s Wave, the mobile banking app, allows customers to carry out over 50 different banking transaction types from their mobile phone and remains as Sri Lanka’s most downloaded finance app. The Bank’s dedication to customer care was most apparent during the lockdown, when over 70% of branches and all self-banking units remained operational. Its mobile banking units covered over 400 locations islandwide, including some of the hardest to access areas in the country. The bank also extended credit relief worth close to Rs300 billion to businesses and retail customers. People’s Bank’s network of 739 branches and an extended ATM network of over 4,000 ATMs set up in partnership with Lanka Pay Gateway and the Bank's network of Self Banking Units located islandwide empowers its customers to enjoy a convenient and efficient banking experience 24 hours, 7 days a week and 365 days a year, without having to visit a bank branch.

The Chairman and CEO/GM of People’s Bank calls on Most Ven. Asgiri Mahanayaka and the Most Ven. Anunayaka of the Malwatu Chapter.

The Chairman of People's Bank Sujeewa Rajapaksha and CEO/General Manager Ranjith Kodituwakku recently visited the Chief Prelate of Asgiriya Chapter of the Shyamopali Maha Nikaya Most Reverend Ven. Warakagoda Dammasiddhi Sri Gnanaratana Thera to receive blessings.
The Chairman and the CEO/General Manager also visited the Deputy Prelate of the Malwathu Chapter of the Shyamopali Maha Nikaya Most Reverend Ven. Divulkumbure Sri Saranankara Thera.
Also present during this occasion were People’s Bank Kandy Regional Manager Buddhika Ranatungage, Asst. Regional Managers Udaya Dissanayaka, and Tissa Tennekoon and the Kandy Branch Manager Janaka Jayasinghe.

CMO Asia honours People’s Bank CEO/GM, Ranjith Kodituwakku, for the Bank’s remarkable digital transformation

The Chief Executive Officer (CEO) and General Manager of People’s Bank, Ranjith Kodituwakku was bestowed with the prestigious ‘CEO of the Year’ award at the CMO Asia Sri Lanka Innovation Leadership Awards on 24th November 2020, in recognition of his dynamic contribution towards the digital transformation of People’s Bank, which is delivering multiple benefits to the organization while offering an unparalleled customer experience.
CMO Asia is a premium forum bringing top global professionals together for recognizing and rewarding excellence and the Excellence in IT Leadership Award recognizes the use, development and deployment of IT by individuals who have demonstrated leadership in using IT for business transformation. Kodituwakku has been at the helm of People’s Bank digital evolution, ensuring that the organization’s digital transformation brings about the benefits it promises, while optimizing synergies, enhancing technology platforms and impacting the ‘human’ side, both employees and customers alike in a positive manner. Digitalizing a state bank is a challenging proposition and Kodituwakku has demonstrated diplomacy, technical expertise and people management skills in steering the Bank towards its goal of becoming the most digitalized bank by 2020. He has been a key figure in strategizing the road map for championing the digital adoption and in recalibrating business processes for which the bank has won many prestigious awards and accolades both internationally and locally.
People's Bank’s has set a host of benchmarks in the banking sector during its digital journey such as the first Self-Banking Units (SBUs), People’s Wave mobile banking app which remains as the most downloaded finance app in Sri Lanka, with an impressive 4.3 rating on Google Play Store; “People’s Wiz”, the first-ever digital customer on-boarding application in South East Asia, Africa and the Middle Eastern region; and “People’s Wyn”, a specially-designed module for corporate clients, which is available as an internet banking portal and a mobile app.
Commenting on the award, Ranjith Kodituwakku says, “I am delighted to accept this award and dedicate it to the staff of People’s Bank who have offered unstinted support to take our vision for digital transformation to the next level. The entire digitalization process has been a challenging one - beginning from changing old legacy systems and migrating both people and processes to the digital age. Despite various obstacles, People’s Bank has achieved this daunting task successfully and in the process has set various milestones in the banking sector. The global pandemic accelerated the demand for digital banking and financial services overnight and I am happy to state that People’s Bank, which was already at an advanced stage in its digital journey, was able to meet demands for digital transactions almost immediately, which not only benefitted all our stakeholders but also proves that we are on trajectory on the digitalization path. We are excited about our future plans for enhancing People’s Bank’s digitalization.”
Ranjith Kodituwakku also serves as a Director of People’s Leasing & Finance PLC, People’s Insurance PLC, People’s Merchant Finance PLC, People’s Travels Ltd., Lankan Alliance Finance Ltd. Bangladesh, Financial Ombudsman Sri Lanka (Guarantee) Ltd, Credit Information Bureau of Sri Lanka, Lanka Clear (Pvt) Ltd., National Payments Council, Sri Lanka Banks’ Association (Guarantee) Ltd, Lanka Financial Services Bureau and Institute of Bankers of Sri Lanka.

People’s Bank deploys LANKAQR Payment acceptance solution at Osusala

People’s Bank joined hands with State Pharmaceuticals Corporation of Sri Lanka (SPC) to deploy People’s Bank LANKAQR Payment acceptance Solution, the pioneering initiative of the Central Bank of Sri Lanka (CBSL) that aims to revolutionize the payments landscape in Sri Lanka. Accordingly, LANKAQR payment facility will be deployed in 43 Osusala outlets island wide in the near future. LANKAQR is a common Quick Response (QR) code standard introduced and mandated to enable fast, secure and low cost digital payments islandwide. Managing Director of SPC Lalith Jayakody, People's Bank Senior Deputy General Manager - Payments, Digital, Process Management and Quality Assurance, K.B. Rajapakse and Head of Marketing Nalaka Wijayawardana participated in an event to sign and exchange the agreement for the partnership.

People’s Bank offers Lanka QR payment option to SLIC Policy Holders

People’s Bank recently entered in to agreement with Sri Lanka Insurance (SLIC) to offer People’s Bank LANKAQR Payment acceptance solution to SLIC Policy holders. The agreement to offer this service was exchanged between People’s Bank Chairman Mr. Sujeewa Rajapakse and SLIC Chairman Mr. Jagath Wellawatta at SLIC Head Quarters on 13th November 2020.

Lanka QR is a pioneering initiative of the Central Bank of Sri Lanka (CBSL) that aims to revolutionize the payments landscape in Sri Lanka by enabling fast, secure and low cost digital payments to a large number of merchants.

People's Bank CEO/GM Mr. Ranjith Kodituwakku, SLIC Chief Executive Officer Chandana L. Aluthgama, People’s Bank Senior Deputy General Manager  (Payment, Digital, Process Management and Quality Assurance) Mr. K.B.Rajapakse also were present at the occasion of signing of agreements.

While People’s Bank possesses Sri Lanka’s largest customer contact point network with 739 Branches and Service Centers, Sri Lanka Insurance Corporation, the largest state-owned insurer in Sri Lanka operates with 158 island wide branches.

People's Bank wins the prestigious Trade Deal of the Year Award from Asian Development Bank’s Trade Finance Program Awards 2020

The Asian Development Bank (ADB) has recognized People's Bank by awarding it the “Trade Deal of the Year” at the prestigious ADB Trade Finance Program Awards 2020 (TFP Awards 2020) jointly with Standard Chartered Bank.

The TFP Awards recognizes leading partner banks of ADB and the fact that the aforesaid award was one of the key awards of this ceremony chosen from hundreds entries submitted by of leading banks in Asia highlights the significance of this accolade. The award was received subsequent to a rigorous independent evaluation which takes in to account multiple factors such as how the particular transaction impacted the country, how it helped the client to improve their business and how TFP contributed to the success of the transaction.

TFP provides guarantees and loans to banks to support international trade. Backed by ADB’s AAA credit rating, the program works with over 200 partner banks in Asia to provide companies with the financial support they need to engage in import and export activities. Since 2009, ADB’s TFP has supported more than 12,000 small and medium sized businesses across developing Asia in sectors ranging from commodities and capital goods to medical supplies and consumer goods.

People's Bank, which has one of the largest  footprints across the country, kept trade routes to Sri Lanka open by supporting its customers to transact with counterparties across the globe even during the Covid 19 crisis. The pivotal service it renders to the nation was highlighted yet again through this recognition as this particular award was for a transaction for the importation of critical medicines and medical equipment during the height of the Covid crisis in April 2020.

People's Bank, using its trade finance facilities, had made it possible for their customers to trade with companies that would otherwise be reluctant to tradewith them due to heightened risk perceptions.The bank enhanced its ability to provide trade finance facilities to customers by joining the Asian Development Bank's Trade Finance Program in 2011.

Some foreign companies or their banks may have risk limits to Sri Lanka or region, which may make them unwilling to trade. Sri Lanka has a 'B-' level country rating from Fitch Ratings which may exceed internal risk limits set by some foreign banks and customers. As a result, the counterparty bank may want a letter of credit opened by a customer in Sri Lanka to be confirmed by another party, which would incur an additional cost. Since People’s Bank is participating in the TFP, bank is able to use an ADB guarantee and give comfort to the foreign parties to transact business with Sri Lankan entities.

Foreign companies value the ADB guarantee due to the high standards maintained by the  Asian Development Bank in evaluating and accepting a bank into its program which involves comprehensive due diligence. The TFP has also helped Sri Lanka during the recent credit downgrade, allowing business to continue.

Peoples' Bank has a large customer base ranging from small and medium business to large companies and also state enterprises. It has an asset base of over Rs. 2.1 trillion.Since its inception 59 years ago, People’s Bank has opened its doors to customers across the country, and has continuously leveraged its resources to uplift many lives through financial services and sharing of expertise. With an insight into the financial needs of the citizens, from young to old, People's Bank has constantly strived and committed itself to elevate the living standards of the citizens. Through its country’s largest network of 739 branches People's Bank serves more than 14 million customers which is the largest customer base in the Sri Lankan banking industry offering a wide spectrum of financial services. The bank also provides its services 24 hours a day, 7 days a week and 365 days a year via its Self-Banking Units amounting over 200 across the island. This helps People's Bank customers to conduct numerous banking transactions with utmost efficiency and convenience, without requiring to visiting a bank branch in person. People’s Bank also continues to play a pivotal role in encouraging and empowering scores of industries including agriculture, real estate, commercial development, small and medium enterprises, as well as import and export sectors thus supporting the macro-economic development of the country.

People's Bank opens its Service Center at Sri Lanka Insurance Head Office Premises

People's Bank and Sri Lanka Insurance (SLIC) continued their growing partnership with the official opening of the People's Bank Service Centre at SLI Head Office premises. This Service Centre is part of People’s Bank's strategy to offer corporate digital solutions that help streamline business operations and strengthen corporate relationships.

People's Bank Chairman Sujeewa Rajapakse, SLIC Chairman Jagath Wellawatta, People's Bank Chief Executive Officer / General Manager Ranjith Kodituwakku, SLIC Chief Executive Officer Chandana L. Aluthgama and People’s Bank Senior Deputy General Manager - Retail Banking K.B. Rajapakse together with a large number of corporate and executive management members of both organizations and customers participated in the event. By using the ATM available at the Service Centre, customers can now conveniently withdraw  cash 24 hours a day, 7 days a week. Further an SLIC service desk was opened on the same day at People’s Bank HQ branch to offer enhanced services to bank customers.

People’s Corporate Digital Solutions are fully-fledged packages which include end-to-end digital experiences designed to ease corporate clients’ busy lives, enabling them to perform banking transactions by using their smart device from any location. This technology empowers them to perform over 30 types of banking transactions around the clock through Corporate Internet Banking (CIB) and Corporate Mobile Banking (CMB).

People's Bank recently received certification from the Central Bank of Sri Lanka (CBSL) to acquire Lanka QR Payments

People’s Bank recently received certification from the Central Bank of Sri Lanka (CBSL) to acquire Lanka QR Payments that aims to revolutionize the payments landscape in Sri Lanka. As a bank in the forefront of IT and innovation, People's Bank’s digitalization drive has witnessed a number of ground-breaking digital initiatives being launched in the local market in the recent past.  As an extension of this approach, People’s Bank will deploy LANKAQR, a common Quick Response (QR) code standard introduced and mandated to enable fast, secure and low cost digital payments islandwide.

Introduced by the CBSL, LANKAQR will ensure that Sri Lanka enters a new era of digital transactions. The official launch event, “Rata Puraama LANKAQR", was held at the CBSL premises where the Governor of CBSL Deshamanya Prof. W.D. Lakshman presented a token of appreciation to People's Bank Chief Information Officer Dhammika Dasa. Director (Payments & Settlements) of CBSL Dharmasri Kumaratunge and People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku also were present at this occasion.

Minister of Trade Bandula Gunawardena, State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal, State Ministers Shehan Semasinghe and Lasantha Alagiyawanna and Secretary to the Treasury S.R. Attygalle also participated in the event.

People's Bank joins hands with the ETF to award scholarships to children

For the 10th consecutive year, People's Bank joined hands with the Employees' Trust Fund (ETF) to reward the children of ETF members who had excelled in the Grade 5 scholarship examination. ETF Chairman Sriyan de Silva Wijeyeratne presented the cheque for this purpose to His Excellency the Prime Minister Mahinda Rajapaksa and People's Bank Chairman Sujeewa Rajapakse at an official event held at Temple Trees recently.

ETF General Manager Primal Fernando and Additional General Manager N.W. Wimalaweera, People's Bank Deputy General Manager - Process Management, Quality Assurance & Retail Banking Renuka Jayasinghe, ETF Deputy General Manager (Social Services) S.M. Seneviratne, ETF Scholarship Officer W.L.D. Krishanthi, Assistant Officer P.G. Sriyalatha, Management Assistants Sahan Ranaweera and Anastina Devapriya were also present at the ceremony.

People’s Bank grants loans in Moratuwa to uplift fishing community

People’s Bank held a ceremony at their Moratuwa branch auditorium to distribute Aswenna loans, a unique product launched to support the Government’s development programme to create a self sufficient nation. The event was graced by the presence of People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku.

The loans were granted to customers engaged in the fishing industry to purchase multi-day and single-day boats, nets and other tools as well as for ice manufacturing.

Fisheries and Aquatic Resources Department Director (Development) H.J.M Nihal Palitha, Mayor of the Moratuwa Municipal Council  Saman Lal Fernando, Media Secretary of Fisheries Ministry and Secretary of National Fisheries Congress Nelson Edirisinghe, National Organizer of National Fisheries Congress Chandra Frenando, People’s Bank Deputy General Manager (Enterprise Banking) Krishani Narangoda, Assistant General Manager (Small & Medium Enterprises) Wickrama Narayana, Assistant General Manager (Colombo Outer) Thushari Hewawasam, Assistant Regional Manager Madhawa Kananke Hewage, Assistant Regional Manager Priyanka Ratnasiri, Moratuwa Branch Manager Deepani Perera and several others participated in the event.

People’s Bank opens an exclusive “People’s Elegance” Banking Centre in Ratnapura

People's Bank extended its premier “People Elegance” exclusive banking concept to Ratnapura by opening a “People’s Elegance” banking centre on 2nd October 2020 to cater to leading high net worth customers in the world renowned Gem city.

The new banking centre, located at the People's Bank Regional Head Office in New Town Ratnapura, was ceremoniously declared open by the Chief Guest, Governor of Sabaragamuwa Province Hon. Tikiri Kobbekaduwa. Chief Executive Officer/General Manager Ranjith Kodituwakku, Deputy General Manager (Channel Management) Lionel Galagedara, Deputy General Manager (Enterprise Banking)Krishani Narangoda, Rathnapura Regional Manager Nalin Perera and other bank officials were also in attendance. A large number Sri Lanka’s leading gem exporters, also participated in the opening ceremony.

“People's Elegance” Banking centre will provide an array of exclusive personalized banking services to meet unique banking requirements of discerning high net worth customers of the area and investors of the “International Gem City” mega project in Ratnapura. People’s Bank is the official investment banker to the mega integrated development project that is expected to be completed over the next 4-5 years.

Although Sri Lanka is renowned the world over as an island blessed with precious gems, there is no international hub for gems for the island to market on the global stage. With the aim of rectifying this shortcoming, the Urban Development Authority (UDA) has envisioned a plan to commence a mega integrated development project that will create the “International Gem City” in the city of Ratnapura within the next 5 years.The UDA has already allocated 50 acres of land in Ratnapura for this project and the proposed “International Gem City” will consist of large areas solely dedicated for all gem-related activities and services including gem auctions, exhibitions, laboratories and lecture rooms. A 5-star hotel is also part of the project bringing added convenience to international gem traders and tourists. In order to further enhance the knowledge levels of Sri Lanka’s youth on gems, an undergraduate degree in Gemmology in collaboration with the University of Sabaragamuwa is also in the pipeline. The UDA has already allocated 15 acres of land in Ratnapura for the project. This project along with two other key pillars – the Ruwanpura Expressway and tourism in the Sabaragamuwa Province are expected to play a key role in developing the province in the next 4-5 years.

Additionally, the Sabaragamuwa Provincial Council has earmarked 69 tourism destinations in the Sabaragamuwa Province for further development to prepare them to accommodate a large number of international tourists.The International Gem City will be driven by a company established by the UDA with funds being acquired through shares issued to the public as well as from international investors by the National Gem & Jewellery Authority.

People’s Bank Through its network of 739 branches and an extended ATM network of over 4,000 ATMs set up in partnership with Lanka Pay Gateway, continues to provide financial solutions to over 14 million customers across the island as Sri Lanka's leader in digital banking services with an asset base of Rs.2 trillion. Through the Bank's network of Self Banking Units located island wide, customers can enjoy a convenient and efficient banking experience 24 hours, a day on all 365 days of the year, without ever having to visit a bank branch. By always supporting industries such as agriculture, real estate, commercial development, small and medium-scale enterprises and imports/exports ventures, People's Bank continues to lead from the front in contributing towards the development of the country while also helping to build a society that is financially strong and ready to face the future.

People’s Bank distributes unique gifts to children at “World Children’s Day” national event

To commemorate the World Children’s Day, a national event presided by the Hon. Prime Minister Mahinda Rajapakse was held at “Ape Gama” premises on 2nd October 2020. At this special event People's Bank introduced a special Clay Till as a gift to children having Isuru Udana and Sisu Udana accounts with a view inculcating the savings habit. Another reason to introduce this unique gift was to support local industries in line with the Government's “Vistas of Prosperity and Splendour" manifesto.

At this event which was held under the theme “Let’s Build Our nation”, People's Bank Chairman Mr.Sujeewa Rajapakse joined the Prime Minister Rajapaksa in presenting the special Tills to the children.

Minister of Education Hon. Prof. G.L. Peiris, State Minister of Women and Child Development, Pre-schools and Primary Education, School Infrastructure and Education Services Hon. Piyal Nishantha De Silva, People's Bank Senior DGM- Retail Banking Mr. K B Rajapakse,  DGM - Process Management, Quality Assurance & Retail Banking Renuka Jayasinghe, AGM - Retail Banking A. Jayasith, Head of Marketing Nalaka Wijayawardana, together with a large gathering of Government officials and children participated in the event.

Based on a request made by Hon. Prasanna Ranaweera, State Minister for Clay, Cane, Brass, Furniture and rural Industries, People's Bank decided to gift clay saving tills to the Isuru Udana and Sisu Udana accountholder children to encourage their savings habit. The significant feature of this specially-designed clay savings till is that once it has served its purpose it can be easily used as a clay bird's nest thereby making it an environmentally-friendly option.

People's Bank recently unveiled the "Made in Sri Lanka" Loans Programme in order to develop local industries, promote export-oriented industries, encourage import substitute industries, enhance the quality of local products, increase employment opportunities for locals and drive regional development for all those involved in the agri, plantations, fisheries, clay, batik, brass, gem & jewellery and other local industries.

People’s Bank felicitates its team responsible for its recent 2020 ARC ‘Sri Lanka’s Best’ Award win

People’s Bank’s Chairman Mr. Sujeewa Rajapakse and its Chief Executive Officer/ General Manager Mr. Ranjith Kodituwakku recently felicitated the Bank’s team responsible for its recent “Best in Sri Lanka Grand Award Win”, at the International ARC Awards for its 2019 Annual Report titled “Frontier”. In addition, the Bank bagged Five (5) other awards which included Two (2) Gold and Three (3) Silver

The ARC Awards is the largest Annual Report competition in the world and one considered  by the financial community as the Academy Awards for annual reports having spanned for over 30 years. The contest attracts numerous entrants from around the globe covering corporate and organizations from diverse sectors and those of varying nature and scope.

Commenting on the win People’s Bank’s Chairman Mr. Sujeewa Rajapakse stated that: “The Grand Award win is a first for People’s Bank. To be amongst the Top 50 Grand Award Winners in the World from over 1,690 submissions across 29 plus countries following a multi-tiered independent evaluation process by a panel of over 30 distinguished judges - is indeed heartfelt and a source of great pride. A visually engaging, and an all encompassing, annual report serves as an important reminder of our successes whilst navigating through challenging times and other limiting circumstances. As a State Institution, we have demonstrated that our reporting framework is not just in line with best practices but one of an award winning international standing and so is our team responsible. I join my fellow colleagues on the Board of Directors, to extend our sincere appreciation and warmest best wishes to the entire Finance Team of People’s Bank for this remarkable achievement. At People’s Bank, we fully appreciate that our employees are undoubtedly our most treasured asset”

Commenting, People’s Bank Chief Executive Officer/ General Manager Mr. Ranjith Kodituwakku stated that: “The win also serves as ample testimony to our unrelenting drive to provide a three sixty degree view for the benefit of all our stakeholders covering all aspects of business operations both from a quantitative and qualitative perspective. Stakeholder engagement remains core to our corporate activities, and the Integrated Annual Report serves as vital tool for this purpose. Efforts of our entire Finance team much valued. Looking ahead, with a commitment to continuously enhance all aspects of our business operations, we look forward to the future with a great degree of optimism”

People’s Bank becomes the first state bank to accept fingerprints for pensioner verification

The official launch ceremony was held at the People’s Bank Head Office under the patronage of Chief Guests Former Auditor General - S. Swarnajothi and Veteran Musician - Edward Jayakody, Director General of Pensions - A. Jagath D. Dias,  Additional Director General - K. A. Pathmapriya,  People’s Bank Chairman - Sujeewa Rajapakse, Chief Executive Officer / General Manager -  Ranjith Kodituwakku together with People’s Bank Corporate and Executive Management, Officials of the Pension Department and a large gathering of customers were also present at the event.

In keeping with the "Vistas of Prosperity and Splendour" manifesto of the Government which aims to utilize technology to enhance the efficiency and output of the State sector, the Department of Pensions recently introduced a facility that enables pensioners to use their fingerprint as verification instead of the time consuming process of obtaining and submitting a life certificate to the Department.

Accordingly, with this new facility any of the nearly 650,000 pensioners in the country, irrespective of whether they are a People’s Bank customer or not, can walk into any of the selected People’s Bank branches and conveniently provide their fingerprint on a specialised electronic device. The fingerprint is accepted as equivalent to the submission of the life certificate and is instantly updated in the Department of Pensions records. The facility is initially available at 75 People’s Bank branches across the island and will be subsequently expanded to other branches in the future. The new technology-driven process using the fingerprint is a welcome relief to all pensioners as they will be able to attend to this verification matter conveniently by making a quick visit to a People’s Bank branch.

The obtaining of the life certificate by the pensioner is annual occurrence and plays an important role in the Department of Pensions’ efforts to regulate the process of pension payments. All pensioners are expected to obtain this life certificate through a tedious process that involves their respective Grama Niladhari Officer and Divisional Secretariat. Initially, all pensioners are mailed applications for the Pensioner Life Certificate during a particular time period of the year. This application has to be duly completed by the pensioner, certified by the Grama Niladhari and sent to the Divisional Secretariat. The main objective of this process is to verify the pensioner’s details and avoid overpayments.

Pensioners can call People’s Bank on 1961 or visit www.peoplesbank.lk  the People’s Bank branches currently offering this fingerprint verification facility.

For 59 years People's Bank has gone to great lengths to provide innovative financial solutions to its valued customers spread across the island. The Bank due to its wide network and close relationship with its customer base is uniquely placed to understand the hopes and dreams of every customer - from the new-born baby to the employed professional to the senior citizen enjoying retirement. It therefore dedicates all its efforts to come up with mechanisms to provide both knowledge and financial solutions that help these customers realise their financial aspirations and improve their quality of life.

Through its network of 739 branches and an extended ATM network of over 4,000 ATMs set up in partnership with Lanka Pay Gateway, People's Bank continues to provide financial solutions to over 14 million customers across the island as Sri Lanka's leader in digital banking services with an asset base of Rs.2 trillion. Through the Bank's network of Self Banking Units located islandwide, customers can enjoy a convenient and efficient banking experience 24 hours, 7 days a week and 365 days a year, without ever having to visit a bank branch. By always supporting industries such as agriculture, real estate, commercial development, small and medium-scale enterprises and imports/exports ventures, People's Bank continues to lead from the front in contributing towards the development of the country while also helping to build a society that is financially strong and ready to face the future.

People’s Bank expands network further with Service Centre in Habarakada

People's Bank recently opened its Habarakada Service Centre with the aim of providing the Bank’s valued customers a wider range of banking services with this expansion People’s Bank Branch network in the largest in Sri Lanka, reaches 739.

Located at 274/2/5, Godagama Road, Habarakada, the new Service Centre offers customers the latest technology and specialised banking services. By using the Self Banking Unit available at the Service Centre customers can conveniently withdraw and deposit cash 24 hours a day, 7 days a week.

People's Bank Deputy General Manager (Channel Management) Lionel Galagedara, Assistant General Manager (Colombo Outer) Thushari Hewawasam, Assistant Regional Manager Madhawa Kananke Hewage, Assistant Regional Manager Priyanka Ratnasiri, Kottawa Branch Manager Asoka Delgodaarachchi, and Habarakada Service Centre Manager Ranuka Karunaratne, along with a large number of customers, also participated at the event.

For 59 years People's Bank has gone to great lengths to provide innovative financial solutions to its valued customers spread across the island. The Bank due to its wide network and close relationship with its customer base is uniquely placed to understand the hopes and dreams of every customer - from the new-born baby to the employed professional to the senior citizen enjoying retirement. It therefore dedicates all its efforts to come up with mechanisms to provide both knowledge and financial solutions that help these customers realise their financial aspirations and improve their quality of life.

Through its network of 739 branches and an extended ATM network of over 4,000 ATMs set up in partnership with Lanka Pay Gateway, People's Bank continues to provide financial solutions to over 14 million customers across the island as Sri Lanka's leader in digital banking services with an asset base of Rs.2 trillion. Through the Bank's network of Self Banking Units located islandwide, customers can enjoy a convenient and efficient banking experience 24 hours, 7 days a week and 365 days a year, without ever having to visit a bank branch. By always supporting industries such as agriculture, real estate, commercial development, small and medium-scale enterprises and imports/exports ventures, People's Bank continues to lead from the front in contributing towards the development of the country while also helping to build a society that is financially strong and ready to face the future.

People's Bank ties up with the GMOA for special loan scheme for members

People's Bank has entered into a Memorandum of Understating (MOU) with the Government Medical Officers' Association (GMOA), one of the premier professional body in the country, with a view to granting personal loan facilities for its membership base comprising over 18,000 members island wide. In the light of their prominent and utmost professionalism to uplift the health sector in the country, the Bank has taken necessary steps to introduce this special loan scheme under more relaxed terms and conditions.

A ceremony to sign the Memorandum of Understanding (MoU) was graced by People's Bank Chairman Sujeewa Rajapakse, Chief Executive Officer / General Manager Ranjith Kodituwakku, Deputy General Manager (Retail Banking and Process Management) Renuka Jayasinghe, Chief Manager (Retail Banking) Champa Gamage, Colombo South Regional Manager N.K. Wimalasiri, Manager (Retail Banking) Ravi Perera, Union Place Branch Manager Amali Isiwari and other officials together with several GMOA members including President Dr. P.S.M.A.B. Padeniya, Asst. President Dr. Chandana Dharmaratne, Welfare Coordinator/General Committee Member Dr. Prabath Sugathadasa, Secretary Dr. M.A.J. Fernando and General Committee Member Dr. Nishantha Sugunapala.

Through this special loan scheme, all GMOA members will be entitled to obtain personal loans up to Rs. 15 million without the need for guarantors. A fixed concessionary interest rate will be applicable along with an extending repayment period of 10 years with no early settlement charges. Moreover, having considered the busy schedules of Medical Officers, People’s Bank has been prepared to render an efficient customer service as well.

This latest collaboration with a premier professional body in Sri Lanka is marked as a continuation of People Bank’s ongoing effort to provide professionals in the State sector with innovative financial solutions. The Bank has already provided similar loan schemes for staff members of all universities coming under the purview of University Grants Commission (UGC).

Arrangements have been in place to facilitate this special loan scheme through People’s Bank island wide branch network. Further information in this regard can be obtained from the nearest People’s Bank.

 

People’s Bank clinches the prestigious “The Best in Sri Lanka Award” for its 2019 Annual Report

The International ARC Awards in New York, USA - considered the Academy Awards for annual reports by the financial community - recently awarded People’s Bank the prestigious “Best in Sri Lanka Award” for its 2019 Annual Report titled “the Frontier”. In addition, the Bank was the recipient of a grand haul of other awards which included:

  • Gold for Non-Traditional Annual Report
  • Gold for Chairman's/President's Letter and
  • Three (3) Silvers for Cover Photo/Design, Interior Design and Printing & Production

Commenting on the awards, the Bank’s Chairman Mr. Sujeewa Rajapakse stated that: “To be amongst the Top 50 Grand Award Winners in the World for their 2019 Annual Reports - from over 1,690 submissions across over 29 countries following a multi-tiered independent evaluation process by a panel of 30 plus distinguished judges - is indeed a source of great pride. Since its inauguration in 1961, the Bank has endeavoured to go where no institution has previously gone, serve communities previously under-served and has provided banking access for the benefit of its customers in a manner yet to be matched. Its efforts during the peak of the COVID-19 lockdown further echoes this frontier spirit, which is best illustrated by the Bank’s quantitative sacrifices and its qualitative contributions made during this period which were all purely aimed at preserving national economic interest - which is at the heart of all its priorities at this crucial juncture. Our efforts during this unprecedented time should, and will, be best remembered by its contributions made for the overall well being of the country’s balance sheet rather than its standalone performance”

 

Commenting on the awards, it’s Chief Executive Officer/General Manager Mr. Ranjith Kodituwakku stated that: “The awards are a reaffirmation of our unrelenting drive to be the frontier in every aspect of our business. Our 2019 Annual Report tells the story of this drive to push the boundaries of success and performance even amidst challenging circumstances. During the first half of 2020, the Bank’s earnings were under pressure due to an estimated of over LKR 5.0 billion in one-off interest concessions extended as relief for the benefit of its customers along with prudent provisions taken in view of the unforeseen. That said, with much of the prudent provision taken and considering the Bank’s strong credit, CASA and overall balance sheet growth coupled with the progress made on several other fronts, it is only reasonably expected to close the year comparatively on a stronger footing even from a bottom line  perspective”

Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second largest financial services provider with over LKR 2.1 trillion in consolidated assets and accounts for close to 16.0% of Banking sector assets. At present, the Bank benefits from 741 branches and service centres located island wide and over 14 million customers - either of which the industry’s largest. As per the Banker Magazine (UK), People’s Bank is amongst the Top 1000 Banks in the World in terms of Consolidated Tier I. It is also the beneficiary of numerous awards and accolades both locally and internationally including for its digital initiatives.  

People's Bank Welipennagahamulla Service Center moves to new premises

The People's Bank Welipennagahamulla Service Center moved to a new location recently. The new Service Center was ceremoniously declared open by People's Bank Chairman Sujeewa Rajapakse.

The Service Center Attached to the People's Bank Nattandiya branch, has ample space and is complete with the latest technology and modern conveniences. By using the ATM available at the Service Center customers can conveniently withdraw and deposit cash 24 hours a day, 7 days a week.

Nattandiya Divisional Secretary D.M.R.P. Dassanayake, Udubaddawa Divisional Secretary Kumudu P. Vithanage, People’s Bank’s Senior Deputy General Manager (Retail Banking) K.B. Rajapakse, Assistant General Manager (Marketing) A.U.A. Ansar, Assistant General Manager (Channel Management) R.Ravikaran, Regional Manager-Puttalam Lal Peiris, Asst. Regional Manager Mahesha Sirimanne, Nattandiya Branch Manager Maxie Perera and Welipennagahamulla Service Center Manager M.R.D. Shanthi, along with a large number of customers, also participated at the event.

People's Bank Rajagiriya Service Center moves to new premises

People's Bank Rajagiriya Service Center moved to a new location recently. A ceremony to mark the occasion was attended by People's Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku.

The New Service Center is located at No.34, Old Kotte Road, Rajagiriya, with ample space andis completed with latest technology and modern conveniences. Through the Self Banking Unit available at the branch customers can conveniently withdraw and deposit cash 24 hours a day, 7 days a week.

Sri Jayawardenepura Kotte Municipal Council Deputy Mayor Premalal Athukorala, Sri Jayawardenepura Kotte Divisional Secretary ShiromiJeewamala, People’s Bank’s Senior Deputy General Manager (Retail Banking) K.B. Rajapakse, Deputy General Manager (Channel Management) Lionel Galagedara, Deputy General Manager (Enterprise Banking)KrishaniNarangoda, Assistant General Manager (Marketing) A.U.A. Anzar, Regional Manager (Colombo Outer) ThushariHewawasam, Assistant Regional Managers, Nugegoda Branch Manager D.L. Jayawardena and Rajagiriya Service Centre Manager RuwaniIlleperuma, along with a large number of customers, also participated at the event.

People’s Bank meets with SAPPTA to discuss tailor-made financial solutions to boost spice exports

People’s Bank held a discussion with the Spices and Allied Products Producers' and Traders Association (SAPPTA) with the aim of creating tailor-made financial solutions to boost spice exports.

The discussion, held at the Colombo Chamber of Commerce recently, was attended by the Chairman of SAPPTA Romesh Jayasuriya, officialmembers of the association, People’s Bank Chairman Sujeewa Rajapakse, Chief Executive Officer / General Manager Ranjith Kodituwakku, Deputy General Manager (Enterprise Banking)Krishani Narangoda and Assistant General Manager (Small & Medium Enterprises)Wickrama Narayana.

With the objective of supporting the Government’s efforts to create a self-sufficient nation, People’s Bank introduced the Aswenna loan scheme, a unique product launched to enhance industries such as agriculture, fisheries, livestock development, small rice mills, horticulture, dairy milk production and several others. Under the leadership of His Excellency the President Gotabaya Rajapaksa, the Government has made it a priority to promote Sri Lankan herbs and spices in the export market as there is significant potential to earn valuable foreign exchange while also boosting the country’s Agriculture industry.

Having received a positive response from the Agro-based industries for the Aswenna loan scheme, People’s Bank is making efforts to expand it byentering into strategic collaborations with other stakeholders in the industry, such as the agro value chain. Accordingly, spice industry which consists of a number of stakeholders such as smallholder farmers, collectors, processors and exporters will be able to benefit from tailor-made financial solutions from People’s Bank.

During the discussion, the People’s Bank team presented to SAPPTA officials about the available financial solutions of the Bank while the SAPPTA officials provided in-depth information about the value chains of the spice industry. Having understood the potential of various categories of spices which can be promoted internationally, both parties decided to initially focus on financial solutions that will boost pepper exports. People’s Bank will aim to develop a tailor-made financial solution which will improve the efficiency of the value chain while improving the product quality and ensuring a price that is competitive internationally. Subsequently, the financial solutions will be expanded to other spices that have higher export potential. The Bank is making every possible effort to introduce new products that will move away from traditional methods of financing to ensure greater flexibility and convenience to the borrowers when meeting financial requirements.

People’s Bank Organizes Blood Donation Camp to Mark 59th Anniversary

To commemorate the Bank's 59th anniversary, People's Bank organized a blood donation camp at the Head Office in Colombo 2.

The blood donation camp was organised by the People’s Bank Welfare Department. Sujeewa Rajapakse - Chairman of People's Bank and a large number of the bank's staff members volunteered to donate blood. The event was also attended by Ranjith Kodituwakku - Chief Executive Officer/General Manager, Rohan Pathirage - Senior Deputy General Manager (Human Resources and Legal), Mahinda Premanath - Deputy General Manager (Banking Support Services) and P.R.S. Jayatissa - Deputy General Manager (Human Resources).

From all the special programmes, religious events and social service projects that the bank has organised to commemorate its 59th anniversary, the blood donation camp takes on special significance. Given the COVID-19 situation in the country, the blood donation camp was carried out in accordance with health guidelines.

Following the health checkup, the blood was collected from the donors under the strict supervision of the doctors of the Blood Bank. Through this programme People's Bank is able to donate a significant amount of blood every year to the Blood Bank.

People’s Bank and University Grants Commission (UGC) tie up to provide laptop loans to undergraduates

People’s Bank has entered into a partnership with University Grant Commission (UGC) Sri Lanka to provide loan facilities to undergraduates of all universities in the country with easy repayment plans. This special loan scheme has been introduced to fulfill a promise given by His Excellency the President Gotabaya Rajapaksa in his election manifesto “Saubagye Dekma” to empower all university undergraduates with the latest technology.

A Memorandum of Understanding (MoU) announcing the partnership was exchanged by Sujeewa Rajapakse - Chairman of People's Bank and Senior Professor Sampath Amaratunge - Chairman of University Grants Commission (UGC) at the People’s Bank Head Office on 29th July 2020. Ranjith Kodituwakku – Chief Executive Officer / General Manager of People’s Bank, Dr. Priyantha Premakumara – Secretary of UGC, Ubayakula Ranaweera - Head of Finance/Accountant of UGC together with K.B. Rajapakse - Senior Deputy General Manager-Retail Banking, G.P. Renuka Jayasinghe - Deputy General Manager-Process Management, Quality Assurance and Retail Banking and Lionel Galagedara - Deputy General Manager-Channel Management, all from People’s Bank, were present at the occasion.

With this historical partnership, all Sri Lankan undergraduates will benefit through a concessionary loan scheme to purchase laptop computers which suit their respective education areas. The loan facilities will be granted to purchase laptops with specifications that are pre-approved by the University Grants Commission at a more concessionary interest rate with easy repayment plans. The undergraduates are privileged to pay only the interest portion during the university course period while repayment of the loan capital will commence after they have graduated from their respective university. 

Expressing his opinion on the partnership, Sujeewa Rajapakse - Chairman of People's Bank stated, “We are pleased to introduce this special loan scheme for undergraduates of all universities in the country. We are confident that these laptops will assist them to carry out their studies while providing them access to global knowledge which will allow them to be always updated in their respective field.”

Senior Professor Sampath Amaratunge - Chairman of University Grants Commission (UGC) stated, “Today, we marked another milestone in our university system in the country, I hope this strong bond with the largest bank with such a widespread branch network in the country will provide all the undergraduates with a great opportunity to complete their degrees while creating financial discipline in their life.”

People’s Bank retains No 3 spot in Sri Lanka’s Most Valuable Brands
  • Only entity among Top 3 to have positive incline in brand value
  • Brand rating improves to AAA-
  • The only state bank to increase in brand value in current rankings

In the 17th Annual review of Sri Lanka’s Most Valuable Brands published by Brand Finance Lanka, People’s Bank retained its No. 3 ranking having also increased its brand value by 1.4% to LKR 46.1 mn.

The Brand Finance certificate was officially handed over by Ruchi Gunewardene - Managing Director of Brand Finance to Ranjith Kodituwakku - Chief Executive Officer/General Manager at the People’s Bank Head Office in the presence of several members of the corporate and executive management of the Bank.

This increase in value was not observed either among the top two entities nor among other state banks in the Top Ten rankings, giving credence to People’s Bank’s constant digitalization stimulus being a crucial imperative in adding value to its brand. Brand Finance also gave People’s Bank an increased brand value rating of AAA- from its AA+ last year, increasing its brand score from 75.06 to 80.39. The Bank’s digitalization momentum throughout 2019 and after despite significant challenges faced post the Easter attacks in April 2019 proved its mettle to retain its position and increase its brand value. 

Citing that brands were hard pressed to perform in an extremely challenging economic environment, Brand Finance noted a 4% drop in brand value among the 100 Most Valuable Brands and post COVID-19, expects it to decline a further 9.5%.  The annual review covers multiple sectors including banking, consumer products and services, conglomerates, telcos, exports, e-commerce and MNCs. 

In its report, Brand Finance refers to digital transformation and automation being the key growth factor in managing challenges, a feature that will further accelerate with COVID-19. It states that this year has witnessed banks at the forefront of innovation, such as Peoples’ Bank, notching an increase in both their brand strength and brand value.

People’s Bank’s unrelenting innovation mindset has enabled it to add to its brand value, at a time when others experienced a decline. To be the only entity among the top three most valued brands to showcase an increase in brand value and to be the only state bank quoted by Brand Finance as being in the forefront of innovation points to the fact that the Bank’s model is right. Innovation is the nucleus upon which People’s Bank has continued to build the brand, reputation and business upon. The Bank’s far-reaching digitalization process has been the panacea for its excellent performance in the Most Valuable Brand index and being the vanguard in transforming conventional banking business into one that embraces the future in a sustainable and going concern, is how it wants to work in these very uncertain times.

With the Bank’s brand value increasing to LKR 46,161 Mn, equity scores which account for 50% of brand strength increasing to 83.13, People’s Bank continues its upward trajectory in being aligned to The Bank of the people. Being the only brand to continuously remain within the Top 3 is augmented by the improved AAA- rating given by Brand Finance. In addition, the increase by 11.04% in forecast revenue and 10.05% in brand strength has eliminated any negative impacts that may accrue due to country risk being increased by 10.03%.

The Banking sector accounts for 44% of total brand value even though challenging economic conditions prompted a decline of 3.3% in growth value. Being the only state bank that had an increase in brand value in the rankings of the Top 10 Most Valuable Brands, displays the Bank’s unwavering commitment to move towards becoming the most digitalized bank in Sri Lanka. 

The country is moving into tumultuous times and the value of technology-led service environment taking over is clearly visible. Having laid a solid technological foundation, People’s Bank has been constantly placing the building blocks for tech-driven solutions for many years now. Maintaining traditional ties, the Bank has expanded its technology spectrum incisively and this is where its leadership lies.  The Bank’s brand is now ready to march forth into higher echelons and in an era when businesses and brands are being challenged, People’s Banks is well-positioned to thrive.

People’s Bank’s Rs. 20 billion Debenture Issue oversubscribed

People’s Bank’s BASEL III, Tier 2 compliant, Unlisted, Rated, Unsecured, Subordinated, Redeemable Debenture issue was oversubscribed receiving in excess of Rs. 20 billion worth of bids during the early hours of the opening day itself in a strong expression of investor confidence. This signifies the trust and confidence placed by leading investors on People’s Bank. 

The debenture issue was in three tranches – 100 million, five, eight and ten year subordinated debentures, followed by two other equal tranches of 50 million similar debentures at Rs. 100 each, in the event of an oversubscription of the preceding tranches. Incidentally, this was the largest ever BASEL III, Tier 2 compliant, subordinated debenture issue ever concluded in Sri Lanka up to now. The objective of the issue was to strengthen the Tier 2 capital of the Bank and to expand its loan book via diverse lending products in the ordinary course of business over a period of three to six months based on the current credit demand.   

People’s Bank is a premier financial institution in the country with an unparalleled track record of nearly six decades in driving the country’s socio-economic development through partnering the growth of individuals, businesses and the Government by providing access to finance and safeguarding public interest. People’s Bank accounts for 16% of the Banking industry’s assets and deposits and is thereby the second largest bank in the country. As a fully state-owned, domestic systemically important bank, People’s Bank’s role extends beyond that of mere financial intermediation and its impact on the economic and social fabric of Sri Lanka is unmatched. The Bank is rated AA+ (lka) by Fitch Ratings Lanka Ltd.

People’s Bank has many significant achievements in the fund raising arena both in domestic and foreign markets. The Bank has raised Rs. 30 billion locally by issuing unlisted debentures up to now. Furthermore, People’s Bank managed to secure a US$ 200 million bilateral, eight year facility in 2019 which was one of the largest and longest tenor US$ facilities ever secured by a Sri Lankan commercial bank.     

People’s Bank Investment Banking Unit, which is one of the leading investment banks in Sri Lanka, acted as the Manager to the Issue whilst the Bank’s Legal Department acted as the Legal Advisor to the issue.

People’s Bank offers main sponsorship for Kandy Esela Perahera

People’s Bank has come forward as the main sponsor for the historical Kandy Esala Perahera.

The sponsorship cheque of the People’s bank was handed over to Pradeep Nilanga Dela, Diyawadane Nilame of Sri Dalada Maligawa by Mr. D.M.D Dasanayake- Kandy Regional Manager of People’s Bank.

Pradeep Nilanga Dela,  Diyawadane Nilame of Sri Dalada Maligawa expressed his gratefulness  to People’s Bank for continuously offering this sponsorship towards the iconic cultural pageant culminating perennial customs and traditional dances.

People’s Bank inaugurates its 240th Self-Banking Unit at Angunakolapelessa.

People’s Bank recently declared open its 240th Self-Banking Unit at Angunakolapelessa Branch.

The Self-Banking Unit comprises of an Automatic Teller Machine (ATM) and Cash Deposit Machine (CDM). With the establishment of the new Self-Banking Unit at Angunakolapelessa, customers can enjoy convenient and efficient banking services 24 hours a day, 7 days a week, and 365 days a year.

Deputy General Manager of People’s Bank (Channel Management) Lionel Galagedara, Acting Deputy General Manager of People’s Bank (Business Analysis & Re Engineering) Krishantha Gunaratne, Hambantota Regional Manager L.U.L Alwis, Branch Manager S.H.A.C.N Senivirathne as well as staff of People’s Bank and customers were present at the occasion.
 

People's Bank Further slashes loan interest rates up to 6% to support SMEs and 9% for Personal Loan facilities

As the bank of the people, People’s Bank has stepped forward to fulfill its obligations and assist the Government’s ongoing efforts to re-start the Sri Lankan economy and help the people of the country to get some form of normalcy to their lives by reducing interest rates to 9% onwards across several loan schemes.

In accordance with the clear direction and guidance of the Government, the Chairman and Board of Directors together with the management of the Bank has announced special concessionary interest rates across the board with almost all of them at single digit levels. Accordingly, interest rates for all Educational Loans, Personal Loans and Housing Loans have been reduced to 9% onwards while the interest rate for Vehicle Loans has been dropped to 10%. Small and Medium-scale Enterprises (SMEs) are able to obtain loans from as low as 6% upwards, the lowest in the market today.

Additionally, People's Bank has also slashed interest rates for a large cross section of the general public employed in different professions. People’s Bank has made arrangements to disburse these loans with these newly-reduced rates through its islandwide network of 737 branches. Further information can be obtained from the nearest People’s Bank Manager or Manageress.

People’s Bank distributes Aswenna loans in Kalpitiya to uplift fishing community

People’s Bank held a ceremony in the Kalpitiya, Kandakuliya, Kudawa beach to distribute Aswenna loans, a unique product launched to support the Government’s development programme to create a self sufficient nation. The event was graced by the presence of People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku.

The loans were distributed to for the fishing industry to purchase multi-day and single-day boats, nets and other tools as well as for ice manufacturing. In addition to this, Vanitha Saviya loans, introduced by the Bank to empower female entrepreneurs, were also handed over to the loan recipients during the event.

People’s Bank Deputy General Manager (Enterprise Banking) Krishani Narangoda, Assistant General Manager (Small & Medium Enterprises) Wickrama Narayana, Assistant General Manager (Development Finance) U.S. Gerty, Assistant General Manager (Marketing) A.U.A. Ansar, Puttalam Regional Manager Lal Pieris and several others participated in the event.

People’s Bank supports creation of self-sufficient nation with distribution of Aswenna loans in Keppetipola

People’s Bank held a ceremony in the Keppetipola region of Badulla to distribute Aswenna loans, a unique product launched to support the Government’s development programme to create a self sufficient nation. The event was graced by the presence of People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku.

The ceremony was held at the premises of Richy Dairies, a company where the Managing Director Priyantha Manatunga is a People's Bank customer who had obtained an SME loan from the Bank and successfully grown his business from SME level to become a large national level dairy producer.

The loans were distributed for the purpose of agriculture, horticulture, greenhouse crops and dairy milk production. Vanitha Saviya loans, introduced by the Bank to empower female entrepreneurs, were also handed over to the loan recipients during the event.

People’s Bank Deputy General Manager (Enterprise Banking)Krishani Narangoda, Assistant General Manager (Small & Medium Enterprises)Wickrama Narayana, Badulla Regional Manager Manjula Dissanayake, Asst. Regional Manager Rajiv Karunanayake and several others participated in the event.

To support the Governments development programme, People’s Bank distributes Aswenna loans in Nuwara Eliya

People’s Bank held a ceremony in the Kandapola region of Nuwara Eliya to distribute Aswenna loans, a unique product launched to support the Government’s development programme to create a self sufficient nation. The event was graced by the presence of People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku.

The loans were distributed for agriculture, livestock development, horticulture, dairy milk production, purchasing of seeds and raw material for agriculture and development of underlying infrastructure.

Vanitha Saviya loans, introduced by the Bank to empower female entrepreneurs, were also handed over to the loan recipients during the event. Additionally, the handing over of the cash deposits by new customers who opened Aswenna Savings and Investment accounts was carried out. They were able to open their Aswenna account using digital technology.

Krishani Narangoda – Deputy General Manager (Enterprise Banking), Wickrama Narayana - Assistant General Manager (Small & Medium Enterprises), O.K.R.D. Wasantha - Nuwara Eliya Regional Manager, K. Chandrakumar - Nuwara Eliya Asst. Regional Manager, A.M.W. Anura Kumara - Nuwara Eliya Branch Manager and several others participated in the event.

People’s Bank amongst the World’s Top 1,000 Banks on a Consolidated Tier 1 basis and amongst the Top 200 on Return on Capital

People's Bank once again made its mark by securing its place amongst the ‘Top 1000 Banks in the World - a ranking carried by the prestigious Banker Magazine United Kingdom - a publication by the Financial Times. More importantly, the Bank was ranked amongst the Top 200 in terms of Returns on Capital - a rare feat

Commenting on the ranking, People’s Bank’s Chairman Sujeewa Rajapakse stated that, “As a State Bank, People’s Bank’s role is dual - one to support the Government further its national economic objects and, two, to create sustainable value for the benefit of all its stakeholders. In this context, the Bank’s ability to consistently be amongst the Top 1000 and amidst different circumstances and, to be ranked amongst the Top 200 for shareholder value added, ultimately attests to the level of success and performance. Needless to say, excellence is a process and we remained focused on consistently raising the bar of performance on a 360 degree basis. At present, we remained focused in making every effort reasonably possible to support the Government in their many initiatives to revive the economy. We take the opportunity to thank our customers for their continued confidence and our employees for their unwavering commitment. People’s Bank’s successes is ultimately yours”

Sharing his views, People’s Bank’s Chief Executive Officer / General Manager Ranjith Kodituwakku stated that: “The ranking is the end result of many initiatives both from a business and operational perspective as undertaken by the Bank over the years. At present, all our energy is being channeled towards offering relief to all those distressed by the COVID-19 pandemic and to create ease of access to funding. There have been numerous loan schemes launched/ re-launched to cater to the diverse needs of the market at highly concessionary rates of interest. Our doors remain always open - as demonstrated in the most difficult circumstances in our living memory”

At present, People’s Bank has a network of 739 branches across the country serving a total of over 13 million customers. With the objective of providing a highly-efficient service to customers by leveraging the latest technology, all the branches of People's Bank are digitally empowered. While these branches are located in every town, district and province across the island, the network has grown to a total of 755 Automated Teller Machines (ATMs), 270 Cash Deposit Machines (CDMs) and 220 Kiosks.

People’s Bank collaborates with Industrial Development Board (IDB) to support 5,000 Micro, Small and Medium Enterprises (MSMEs)

People's Bank has tied up with the Industrial Development Board (IDB) to initiate a programme to develop Micro, Small and Medium Enterprises (MSMEs) in the country.

A special event to announce the partnership was organised at the People's Bank Staff Training College recently. The event was graced by the presence of Hon. Wimal Weerawansa - Minister of Small & Medium Business and Enterprise Development, Industries and Supply Chain Management, M.A. Ranjith – Secretary, Ministry of Industries and Supply Chain Management, N.G. Panditharathna - Additional Secretary, Ministry of Industries and Supply  Chain Management, Upasena Dissanayake - Chairman of IDB, P.L.U. Rathnamalala - Director General of IDB, K.M.S.G. Bandara - Director Regional Development of IDB, together with Sujeewa Rajapakse - Chairman, Ranjith Kodituwakku - Chief Executive Officer / General Manager and Krishani Narangoda - Deputy General Manager (Enterprise Banking) together staff of People's Bank.

Based on the agreement, People’s Bank and the IDB have decided to empower around 5,000 MSMEs with technical and managerial support together with proper financial facilities to ensure sustainability of their businesses. The main objective of the project is to develop the industries with greater potential for export, import substitution, domestic value addition and employment generation.

The project is to be financed by the customized credit facilities offered by People’s Bank. MSMEs recognized and strengthened managerially, technologically and via market accessibility by the IDB are directed to the Bank for financial support. The respective loan amount will be decided based on the requirement and the financial feasibility and viability of the project. The loans are to be considered subject to the conditions which are stipulated in the relevant SME loan products. Follow up and review of the loans and the scaling of the businesses will be carried out by the People’s Bank in collaboration with IDB.

This is a historical movement in the banking industry where two government institutions join hands together to address a much needed requirement of developing entrepreneurship in Sri Lanka.

Now the customers can register with IDB and undergo a comprehensive training and finally develop a pragmatic business plan before they meet the bank manager. Then the bank manager would be comfortable in evaluating the requirement of the customer and offering tailor-made and most suitable credit   package required.

IDB has the strength of sourcing most potential customers through their regional centers across the country and developing them with their experienced staff. People’s Bank has the largest outreach with specialized regional credit units to evaluate the proposals and develop customer relationships through its largest branch network.

People’s Bank marks 59th anniversary with series of religious programmes

People's Bank celebrated its 59th Anniversary on 1st July and in order to commemorate the occasion, the Bank's Buddhist Association, Hindu Association, Muslim Majlis and Christians Guild held a series of religious programs at the People’s Bank Head Office.

The meritorious event organized by the People’s Bank Buddhist Association was held on 3rd and 4th July at the People's Bank Head Office. As part of this, an all-night ‘Pirith’ sermon and reciting of the 'Rathana Suthraya' was carried out on 3rd July while on the next day the offering of ‘Heel Danaya’ to the monks took place. Along with this, religious activities organised by the Hindu Association, Muslim Majlis and Christians Guild took place on 6th July on the 3rd floor of the Head Office premises.

The religious ceremonies were organised to invoke blessings on the nation, people, customers, pioneering leaders who established People’s Bank, former and present staff members, as well as to protect the people of the country and the world, including healthcare workers, tri forces and the Police from the COVID-19 pandemic. The People’s Bank Chairman Sujeewa Rajapakse, Chief Executive Officer / General Manager Ranjith Kodituwakku, current bank staff and some of the Bank’s retired staff members took part in the activities.

People’s Bank celebrates 59th anniversary with Isuru Udana gifts of love

People’s Bank made arrangements to mark the occasion of the 59th anniversary of the Bank by presenting an Isuru Udana gift certificate to every child born in the country between 1st July and 31st December. A special event to celebrate this was held on 1st July at the Castle Street Maternity Hospital for Women in Borella under the patronage of People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku.

People's Bank also made a financial contribution for the refurbishment of the restroom for mothers as well as for the compiling of the handbook given to new mothers.

During the event Isuru Udana certificates and gifts for new born babies were handed over to their mothers. The ceremony was attended by Dr. Pradeep Wijesinghe - Director and Dr. Pradeep Ratnasekara - Deputy Director of the Castle Street Maternity Hospital in Borella, K.B. Rajapakse - Senior Deputy General Manager (Retail Banking), Renuka Jayasinghe - Deputy General Manager (Retail Banking), Rohini Madurawala -  Assistant General Manager(Channel Management), A. Jayasith - Acting Assistant General Manager (Retail Banking), N.K. Wimalasiri - Colombo South Regional Manager, Assistant Regional Managers, Sanjaya Abeykoon - Manager Borella Branch, together with staff members from the hospital and the branch.

People's Bank organised this event in parallel with the Bank's 59th anniversary and with the objective of providing the parents with a financial goal to aim for when it comes to the future of their children. A notable feature of the event was that People's Bank staff members actively participated by visiting the hospital all island to personally hand over the gifts to the parents of the newborn babies.

You can present the Isuru Udana gift certificate along with your child's birth certificate at the nearest People’s Bank branch and open an Isuru Udana Children’s Savings Account. At the time the account is opened, People's Bank will make an initial deposit of Rs.1,000/- while special gifts will be made available for additional deposits.

People’s Bank marks 59th anniversary celebration empowering MSME’s islandwide

The 59th anniversary of People's Bank was celebrated on 1st July and to mark this occasion a special ceremony was organized at Marandagahamula Branch where 59 Aswenna as well as 59 'Saubagya COVID-19  loans were granted to customers of the branch. All loans were granted with the participation of People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer / General Manager Ranjith Kodituwakku. These loan schemes were introduced to support the Government's development programme and with the aim of uplifting the small and medium businesses adversely affected by the COVID-19 pandemic.

Vanitha Saviya loans, introduced by the Bank to empower female entrepreneurs, were also handed over during the event. Additionally, the handing over of the first cash deposits by two new entrepreneurs who opened Aswenna accounts was carried out.

One of the notable features at the event was the agriculture-based setting that was created within the Marandagahamula branch premises to match the concept of the Aswenna account. The Aswenna loan scheme, a unique product that aligns with the Government’s development programme to create a self sufficient nation, was launched in Dunagaha which is close to the Marandagahamula branch.

Krishani Narangoda - Deputy General Manager (Enterprise Banking), U.S. Gerty - Assistant General Manager (Development Finance), Wickrama Narayana - Assistant General Manager (Small & Medium Enterprises), A.U.A. Anzar - Assistant General Manager (Marketing), Nalin Pathirage - Gampaha Regional Manager and G.M. Kanchana Jayaweera - Marandagahamula Branch Manager, staff members , as well as U.W. Thanuja Upeksha Rajakaruna - Divulapitiya Divisional Secretary and U.P.S. Priyantha - Chief Inspector of Divulapitiya Police station graced the occasion along with officials from the Government and farmers associations.

People's Bank celebrates 59 years of devotion to the people of Sri Lanka

As The Bank of the People, People’s Bank marks its 59th anniversary on the 1st of July. With the passing of this latest milestone, it is clear that amongst all the state-owned commercial banks in Sri Lanka, People's Bank boasts of a different identity. In 1961, People’s Bank became the country's state-owned commercial bank having been established under the People’s Bank Act No. 29 of 1961. The bank’s formation was driven by Minister T.B. Ilangaratne who served as the Minister of Trade, Food, Cooperative and Shipping in the then government of Hon. Prime Minister Sirimavo Bandaranaike and it started off operations under the Chairmanship of Vincent Subasinghe. The people of Sri Lanka, irrespective of race, religion, caste or creed, rallied around People's Bank and as a result cooperative bank branches islandwide were converted into People's Bank branches. Subsequently, having been established as a licensed commercial Bank under the Banking Act No. 30 of 1988, People's Bank has become a bank that is close to the hearts of the general public by offering a wide variety of specialised banking and financial services to its customer base.

Sharing his thoughts, Sujeewa Rajapakse – Chairman of People’s Bank stated, “During the past 59 years, People's Bank's historical journey has seen it sustain its leadership and status while securing its position as a preferred choice among the Industrial Sector of the country. A large number of local entrepreneurs have made rapid progress in their fields of business by obtaining finance loans from the Bank. Entrepreneurs who have built their reputation in industries such as apparels, construction, agriculture, imports and exports, real estate, food & beverage, health services, manufacturing, energy, fisheries, tourism, transport and communications are among them. The Bank has been able to successfully provide various types of business loan services to perfectly suit the varying needs of each of these entrepreneurs. Another reason for the success of People's Bank can be attributed to the short-term and long-term loans at concessionary interest rates provided for Small and Medium-scale Enterprises (SMEs) as well as various types of loan schemes provided to uplift the self-employed.”

Expressing his views, Ranjith Kodituwakku - Chief Executive Officer / General Manager of People's Bank stated, “Over the course of the past 59 years, the Bank has continued to perform a leading role in the Banking and Finance sector, meeting and even exceeding expectations in terms of services to the general public.

Due to the unexpected, adverse impact of the COVID-19 outbreak, the Sri Lankan economy has been slowed down since mid-March. With the gradual reopening of the country and easing of restrictions, People’s Bank took on the responsibility to help the economy bounce back rapidly through an injection of much-needed funds via bank loans with attractive financial solutions. As a result, the Aswenna Loan Scheme was launched to benefit small and medium-scale agriculture, fisheries, other crops and livestock development. The Bank also introduced a number of new loan schemes along with special concessionary interest rates for a large cross-section of groups with most of the loan schemes offering single digit interest rates. These groups included doctors, dentists, vets, engineers, architects, accountants, IT professionals/software engineers, healthcare professionals, school teachers, university staff members, university students and even artists. Additionally, the Bank introduced a loan scheme to provide loans to SME businesses with an interest rate of just 6%. It was launched in parallel with the 'Saubagya COVID-19 Renaissance Facility' of the Central Bank of Sri Lanka (CBSL).’’

With the spreading of the COVID-19 Novel Coronavirus, a large number of our valued customers faced great difficulties and we believe that the service we provided them would help the general public understand the gravity of the current situation. Even during the curfew periods, People’s Bank were able to keep a large number of our branches open as we understood the importance of giving priority to the needs of the people. Mobile Banking Unit, which consisted of all technological facilities, was deployed rapidly to provide the necessary banking and finance services to our customers at their doorsteps.

With the spreading of the Coronavirus People’s Bank ensured that our valued customers did not face any difficulties by taking the necessary steps to provide all the concessions declared in the gazette by the Central Bank of Sri Lanka.

The People's Bank Corporate Banking Division provides various banking services to corporate customers and by maintaining close ties with representatives across the globe the Bank is able to provide financial and advisory services to corporate customers that conduct international trade. People's Bank customers have great confidence in the Bank when sending money from foreign countries to Sri Lanka as well as when sending money abroad through foreign remittance facilities. Among them, services such as People's eRemittance, People's Instant Remit, Swift and Western Union stand out.

People's Bank’s latest data shows that at present the Bank has a network of 737 branches across the country serving a total of over 10 million customers. With the objective of providing a highly-efficient service to customers by leveraging the latest technology, all the branches of People's Bank are now inter-connected. While these branches are located in every town, district and province across the island, the network has grown to a total of 755 Automated Teller Machines (ATMs), 270 Cash Deposit Machines (CDMs) and 220 Kiosks. With the aim of providing greater customer convenience, People's Bank has extended the ATM network beyond the Bank's existing network to as many as over 4,000 ATMs by entering into a partnership with Lanka Pay network. The Bank has also deployed a Mobile Banking Unit complete with computers and teller machines to enable customers to carry out their banking in any location across the island. The Bank's workforce of around 8,000 is highly-experienced in different areas of the banking industry. Their expertise and outstanding performance is what propels the Bank forward towards greater success. Forging ahead in its mission to digitally empower the nation, People’s Bank established Sri Lanka’s first-ever ‘School Banking Unit with CDM’ at several schools in a bid to extend banking facilities to students for enhanced convenience and safety, while inculcating the savings habit.

Among the many banking services that People's Bank offers to customers, one unique service that has gained the love, respect and trust of customers is the various savings accounts the Bank has introduced for individuals from different age groups ranging from young children to senior citizens. These savings accounts offer attractive, competitive interest rates and provide maximum returns and security. As a result, Isuru Udana, Sisu Udana, YES, Vanitha Vasana, Parinatha, Jana Jaya, Investment Savings Account and ‘Aswenna’ savings and Investments Account have attracted a large number of customers. The People's Bank current account has also gained in popularity among customers.

Moreover, customers have also demonstrated their preference for growing their savings by investing in fixed deposits introduced by People's Bank. The customers have shown great confidence in fixed deposits by People's Bank as it provides the security of a state bank while also offering a higher interest rate.

Another notable service offered by People's Bank is the pawning service that emphasizes the security and trust of a state bank. Customers are able to avail themselves to the best price and lowest interest rate in the market together with the ability to recover their item by paying in instalments.

People's Bank aims to turn customers' hopes into reality by leveraging the power of new technology and the latest trends in the banking and finance industry at every opportunity. Resultantly, People's Bank has become a pioneer in the digitalisation of banking services in the banking and finance industry in the country. People's Bank has utilised the world's most modern technologies as the basis for its digitalisation thereby enabling the bank to come to the forefront of the banking sector by becoming the first bank to introduce this state-of-the-art technology. While a majority of banking services is entering the digital age, People's Bank is a leader in this transformational journey. One of People's Bank's key objectives is to become the leading bank in Sri Lanka by driving the digitalisation process by achieving the highest of international standards and thereby becoming a customer-centric bank that further enhances its inherent qualities such as convenience, quality and trust.

People's Bank has introduced a host of new banking experiences to customers through the “People's Wave” Mobile Banking App and the “People's Web” Internet Banking facility. By tying up with mobile operators such as Dialog, Mobitel and Etisalat, People's Wave Mobile Banking service allows customers to carry out bank transactions and make bill payments by using their smartphones, without having to visit the bank branch.

People's Bank is a bank that has won countless awards on the national and international stage. Each and every award highlights the extent to which the world-class services provided by the Bank have impacted the lives of the people of the country. The Bank has obtained a rating of AA+(lka) from Fitch Ratings Lanka and an AAA- from Brand Finance Lanka. In the 17th Annual review of Sri Lanka’s Most Valuable Brands published by Brand Finance Lanka, People’s Bank retained its No. 3 ranking having also increased its brand value by 1.4% to LKR 46.1 billion. People's Bank has continued to showcase Sri Lanka's banking expertise on the global stage and won numerous accolades at prestigious international awards such as the European Global Banking and Finance Awards and World Finance Banking Awards, ranked the 400th Largest Bank in Asia as per the Asian Banker Magazine and included in the World’s Top 1000 Banks by the Banker Magazine (UK). At the annual SLIM-Nielsen People's Awards, People's Bank has won "People’s Banking Service Provider of the Year", "People’s Service Brand of the Year" for 14th consecutive years. In addition to this, at the National Business Excellence Awards, People's Bank was declared the "Winner - Banking Sector", making it yet another one of the prestigious awards the Bank has won in recent years.

The associate and subsidiary companies of People's Bank's include People's Leasing and Finance PLC, People's Merchant Bank Limited, People's Travels Limited and People's Insurance PLC. These companies provide service excellence to their customers, further extending the passion and commitment demonstrated by People's Bank.

The current Chairman of People's Bank is Sujeewa Rajapakse, a Senior Chartered Accountant with vast experience in all accounting and auditing standards and practices, government regulations related to financial disciplines and ethics, human resource management and overall management practices and principles in both private and public sectors. The Directors of the Bank include Malindu Ranasinghe, Sudarshan Ahangama, Manjula Wellalage, Kumar Gunawardena, Keerthi Goonatillake, Isuru Balapatabendi and K.A. Vimalenthirajah, all of whom are experienced professionals from different fields of expertise.

People's Bank set to boost small and medium businesses with Rs.15 billion allocation for loans at 6%

In line with the Government's development programme and with the aim of uplifting the small and medium businesses adversely affected by the COVID-19 pandemic, People's Bank has introduced a special loan scheme with an interest rate of just 6%. The Bank has allocated Rs. 15 billion for this purpose.

The unexpected impact of the COVID-19 outbreak is a significant threat to the economy of Sri Lanka. In order to curb the spread of this deadly virus, the entire country went into lockdown on 16 March 2020 causing a slowdown in the country's economy. As a result, micro, small and medium-scale businesses that included agricultural, fisheries, manufacturing, livestock, construction, other crops and several other industries were negatively affected.

People's Bank has come forward to bear the responsibility of providing much-needed financial solutions to these industries that have been adversely affected in this manner so that they can move towards a rapid economic recovery. As a result, in accordance with the clear guidelines and direction of the Government, the Chairman and Board of Directors together with the management of the Bank have made arrangements to introduce a number of new loan schemes, with many offering single-digit interest rates, to bring financial relief to the various industries that have been affected.

People's Bank introduced this loan scheme to provide loans to businesses in parallel with the 'Saubagya COVID-19 Renaissance Facility' of the Central Bank of Sri Lanka (CBSL).

Companies involved in manufacturing, agriculture, small industries, information technology, tourism, tea and logistics are all eligible to obtain these loan facilities. The scheme offers up to a maximum of Rs. 10 million with a 3 year repayment period.

People’s Bank has made arrangements to disburse these loans through its islandwide network of 737 branches. Further information can be obtained from the nearest People’s Bank branch.

Ranjith Kodituwakku New CEO/GM at People’s Bank

Ranjith Kodituwakku has been appointed as Chief Executive Officer/ General Manager of People’s Bank with effect from June 19, 2020. He had previously served as the Deputy General Manager (Commercial Banking and Digitalization). The appointment as CEO/GM follows the retirement of M.A. Bonniface Silva – Acting CEO/GM.

Ranjith Kodituwakku has over 37 years of banking experience in a wide spectrum of areas covering Consumer Banking, Commercial Banking, Corporate Banking, Off-shore Banking, Branch Banking, International Banking, Project Financing, Recoveries and Digitalization. He poses extensive local and international training/exposure and has worked in different capacities at different geographical locations.

As the Deputy General Manager for the Bank’s Digitalization initiative, his scope of work encompassed primarily on mapping business requirements to a digital platform by adopting best practices in the industry and re-engineering business processes. During the Period , he holds Deputy General Manager-Digitalization, the Bank has received many prestigious awards/recognitions both internationally and locally including being named “Best digital bank in Sri Lanka” by both the Asian Banker and Asia Money magazines.

Additionally, he has played a key role in the efforts carried out by People's Bank to re-open bank branches in the North with the aim of rebuilding the lives of the people and strengthen the economy of the region. He also took on a leading role in the construction of a large housing scheme close to the sacred Madhu Shrine for families internally displaced by the devastating 30-year civil war - a project which was part of the Bank's Golden Jubilee celebrations.

He also serves as a Director of People’s Insurance PLC, Lankan Alliance Finance Ltd. Bangladesh, Regional Development Bank Sri Lanka, Board of Financial Ombudsman Sri Lanka (Guarantee) Ltd, Credit Information Bureau of Sri Lanka and as an Alternate Director of the Lanka Financial Services Bureau.

Kodituwakku holds a Master’s Degree in Business Administration specialised in Finance from the University of Colombo, Bachelor of Laws (Honours) from the University of New Buckinghamshire, United Kingdom and is an Associate Member of the Institute of Bankers of Sri Lanka.

People's Bank introduces multiple loan schemes to boost Government’s Development programme

Being the bank of the people, People’s Bank bears a great responsibility to assist the Government to re-start the Sri Lankan economy and help the people of the country to get some form of normalcy to their lives.

Due to the unexpected, adverse impact due to the COVID-19 outbreak, the Sri Lankan economy has been at a virtual standstill since 16th March 2020 as the country went into a lockdown to curb the spread of the deadly virus. As a result this, most of the sectors got badly affected, including Agriculture, Fisheries, Livestock, Construction, Other Cultivation, Micro, Small and Medium industries, Education and many others.

Given this unfortunate turn of events, People’s Bank took on the responsibility to assist all of these sectors to bounce back rapidly through an injection of much-needed funds via bank loans with attractive financial solutions. As a result, in accordance with the clear direction and guidance of the Government, the Chairman and Board of Directors together with the management of the Bank have introduced a number of new loan schemes along with special concessionary interest rates for the following sectors with most of the loan schemes offering single digit interest rates.

The "Special Financial Service package for Young Professionals" has been introduced for the benefit of young professionals (18-40 years) who are looking for funds to buy a plot of land, build a new house, furnish a home, buy a vehicle, pursue higher education and other similar aspirations. Professionals eligible for this loan scheme include doctors, dentists, vets, engineers, architects, accountants, IT professionals/software engineers etc.

The "Special loan scheme for Government Medical Officers/Government Dental Surgeons" was introduced to show appreciation and provide financial assistance to the dedicated healthcare workers who made significant sacrifices by working tirelessly during the COVID-19 outbreak. Healthcare professionals eligible for this loan scheme include specialists, consultants, medical officers, internship medical officers, nurses and other health sector staff.

People's Bank has also provided a number of new concessions to teachers in terms of loan amount and repayment period in the "Gurusetha" Loan Scheme. Accordingly, permanent teachers in Government Schools, Government Technical Colleges, Pirivenas and Government-approved private schools and even teachers in permanent cadre under probationary period are benefitting from these concessions.

A laptop/PC/tablet loan scheme was also introduced by the Bank for teachers with the aim of promoting e-learning in the Education sector. Eligible individuals include permanent teachers in Government schools, pirivenas and Government-approved private schools, teachers in technical colleges as well as Buddhist monks. Similarly, the "Laptop/PC/Tablet loan scheme for Undergraduate of Medicine, Engineering and IT faculties of Universities" is a special loan scheme introduced to enhance the online education platform that was caused by the closure in the Education Sector due to the COVID-19 pandemic. Through this scheme, students from all Government universities/institutions under the University Grants Commission (UGC) as well as higher educational institutes recognized by the UGC were given the means to acquire a laptop, PC or tablet.

The Bank also unveiled a special loan scheme for the staff members of all universities under the University Grants Commission (UGC). Through this scheme, senior professors, professors, associate professors, senior lecturers, university medical officers, lecturers, probationary lecturers, secretary/UGC, registrar/additional secretaries, accountants, bursars, deputy/senior asst./asst. registrars/bursars, sub wardens, supervisory and primary grade semi and unskilled workers are eligible for loans up to a period of 10 years. The Bank also rolled out a special loan scheme for Judges of Judicial Services where they can obtain loan facilities for up to 10 years.

Artists are another group that has been adversely affected by the outbreak. Following the direction of the government, People’s Bank immediately introduced a special COVID-19 relief loan scheme for members of the Artist Associations.

People’s Bank has made arrangements to disburse these various loan schemes through its islandwide network of 737 branches. Further information can be obtained from the nearest People’s Bank manager.

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