People’s Bank celebrates 62 years of empowering Sri Lankans

Chairman Sujeewa Rajapakse (left) and Acting General Manager Clive Fonseka

People’s Bank, a pioneer in the Sri Lankan banking and financial services sector, celebrates its 62nd anniversary on 1 July, marking over six decades of excellence and service to the nation. With a customer base of over 14.7 million and consolidated Assets of over Rs. 3 trillion, they have been instrumental in introducing the concept of banking to the general public in Sri Lanka. Today People’s Bank continues its responsibility by providing cutting-edge digital banking services even to the most rural areas in the country. 

The bank over the years has played a pivotal role in driving the national socio-economic development, thus earning the reputation as the pride of the nation. Today, it has 745 outlets across the country providing a full range of banking services to individuals and SMEs. People’s Bank has proved its commitment to the well-being of the country many a time, extending its support to the Government by facilitating financing for development and international trade activities. 

Through its Mahajana Mehwara CSR program, the bank with its employees has financed the buying of vital medical equipment worth over Rs. 20 million to key Government hospitals to treat Covid 19 patients during the pandemic. Among many other community service initiatives are, the donation of essential medical supplies to Lady Ridgeway and Castle Hospital worth over Rs. 10 million and the provision of solar-powered electricity systems for underprivileged schools. People’s Bank was established under Act No. 29 of 1961 with the aim of uplifting the cooperative business and rural banking systems. This Act was submitted to Parliament by then Trade, Food, Co-operatives and Shipping Minister T.B. Ilangaratne, under the leadership of then Prime Minister Sirimavo Bandaranaike. Vincent Subasinghe who was a pioneer in providing banking services to the co-operative sector was the first Chairman of People’s Bank.

From its 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. Most of these product concepts were so widely embraced by society that almost all the local commercial banks are now offering them under various brand names.

Adapting to the modern world, the People’s Bank launched its digital banking project in 2015, to ensure that customers could transact easily, safely, and efficiently. They were 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, with over 70% of its transaction volume being processed as digital transactions.

The excellence of People’s Bank has consistently earned recognition both locally and internationally. SLIM Nielsen People’s Awards, National Business Excellence Awards and LankaPay Technnovation Awards are but some of the local accolades received by the bank. Internationally, People’s Bank has been the recipient of awards such as the Asian Banker Excellence in Retail Financial Services Award, Asia Money Best Bank Awards, SAFA Awards, and The Asian Digital Finance Forum Awards.