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நிலையான வைப்பு விகிதம் - 3 மாதங்கள்
கடன் விகிதம் - வீட்டுவசதி
கடன் விகிதம் - தனிநபர் கடன்கள்
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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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