People’s Bank, a trailblazer in Sri Lanka’s banking and financial services sector, proudly marks its 63rd anniversary on 1 July.
Renowned for democratising the banking sector, People’s Bank has steered the industry away from its highly competitive commercial roots to become a cornerstone of public access to financial services.
With consolidated assets exceeding Rs. 3 trillion, People’s Bank stands as a national leader, playing a pivotal role in driving Sri Lanka’s socio-economic development. The bank’s customer-centric approach has enabled it to offer a wide range of financial solutions through cutting-edge digital services.
Today, People’s Bank operates a vast network of 747 branches, supported by over 7,600 dedicated staff members. The bank’s innovative use of over 300 Self Banking Units (SBUs) allows customers to manage their banking needs 24/7 without entering a branch. Serving a customer base of over 14.7 million, People’s Bank is celebrated as having the largest customer base among Sri Lanka’s commercial banks.
Established under Act No. 29 of 1961 to uplift the cooperative industry, rural banking, and communities, People’s Bank was founded by then Trade, Food, Co-operatives, and Shipping Minister T.B. Ilangaratne, under the leadership of then Prime Minister Sirimavo Bandaranaike. The bank’s first Chairman Vincent Subasinghe, made significant contributions to the cooperative sector, helping to transform the industry by conducting business in Sinhala and Tamil, thus making banking accessible to all strata of society.
People’s Bank pioneered public savings including Children’s Savings products and dedicated Savings Accounts for ladies and introduced pawning services in 1961, offering greater security and better interest rates. These innovations revived the market for such services and encouraged public savings.
The bank’s diverse offerings include specialised accounts and loan schemes catering to various age groups and sectors, enabling customers to improve their quality of life and strengthen business ventures. Beyond financial services, People’s Bank has significantly contributed to Sri Lanka’s socio-economic development, providing solutions in exports, education, healthcare, infrastructure, and more. In international trade, People’s Bank collaborates with over 900 global banks, facilitating import and export activities through Letters of Credit and guarantees, crucial for the importation of essential items like fuel, coal, medicine, and LP gas.
Adapting to modern needs, People’s Bank launched a digital banking project in 2015, introducing a suite of digital solutions such as the People’s Wiz digital accounts, People’s Wave mobile banking app, People’s Wiz Credit digital loans, People’s Wyn corporate mobile app, People’s Web Internet Banking, People’s Pay Digital Wallet, and People’s Eze Virtual Account Opening Service. Today, over 3.4 million digital customers are with the bank and more than 75% of the bank’s transactions are processed digitally.
Committed to social responsibility, People’s Bank’s “Mahajana Mehewara” CSR program uplifts underprivileged Sri Lankans in education, religion, health and sustainability. This dedication to community service complements its mission to deliver superior banking services.
The bank’s excellence has been recognised with numerous local and international awards, including accolades from the National Business Excellence Awards, LankaPay Technnovation Awards, and prestigious international bodies such as Asian Banker, Asia Money, World Finance, and more. Notably, People’s Bank has been listed among the top 15 “Most Admired Companies of Sri Lanka” from 2018 to 2023 by the International Chamber of Commerce of Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA), and Daily FT.
As it celebrates 63 years, People’s Bank remains dedicated to delivering innovative banking solutions, enhancing customer lives with excellence in service, and advancing banking technology to support the growth of the nation.
(ft.lk)
