People’s Bank partners Russia’s National Investment Industrial Bank

People’s Bank Chairman Sujeewa Rajapakse (left) and CEO and General Manager Ranjith Kodituwakku

• Initiative to offer convenient remittances to Sri Lanka

People’s Bank has recently entered into an agreement with the National Investment Industrial Bank in Russia to facilitate a novel remittance mechanism that enables efficient and convenient fund transfers from Russia to accounts in Sri Lanka. 

According to this arrangement, beneficiaries in Sri Lanka, especially service providers, exporters etc. will be able to receive funds quickly and cost effectively. Most importantly, Russian tourists will be able to remit funds to an account at People’s Bank in Sri Lanka prior to their visits, through the National Investment Industrial Bank in Russia without involvement of an intermediary bank. Upon arrival in Sri Lanka, tourists will be issued debit cards which can be used to make payments seamlessly from the remitted funds.

People’s Bank Chairman Sujeewa Rajapakse said: “We are happy that People’s Bank could establish this arrangement with NIIB in collaboration with the Embassy of Sri Lanka in Russian Federation. The introduction of this payment platform will be highly beneficial to Russian tourists visiting Sri Lanka to make hassle free payments during their tour. 

“Our own network of 818 ATMs, 315 CDMs and 743 branches will allow them easy access across the island. We are delighted to enable this novel service which will also contribute towards growth of local tourism related businesses.”

CEO and General Manager Ranjith Kodituwakku said: “People’s Bank will be able to offer this facility at significantly reduced banking charges for both tourists and any other party that want to remit funds to Sri Lanka. A main objective of this collaboration is to increase inflow of valuable foreign exchange to Sri Lanka through a proper financial channel. 

“This initiative will contribute towards enhancing the foreign exchange position of the country while boosting the attractiveness of Sri Lanka as one of the best and rapidly emerging tourism destinations for Russian tourists. At People’s Bank, we are always looking for ways to empower our customers by providing seamless services and value additions.”

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 Rs. 3 trillion in assets. At present, the Bank has 742 branches and Service Centres located island wide and over 14.5 million customers. The Banker Magazine (UK) identified People’s Bank as among the Top 1000 Banks in the World.