People’s Bank yesterday denied allegations of improper conduct related to its IT system upgrade.

“These allegations are completely unfounded, and the bank categorically denies any involvement in improper activity,” the statement said.

People’s Bank in its statement emphasised:

The core banking IT system currently in use was first implemented in 2004 and has been pivotal in cementing People’s Bank’s leadership in the digital banking sphere. 

In keeping with its commitment to progress and the need to leverage cutting-edge technology, the bank upgrades all its IT systems from time to time. 

Accordingly, the bank is in the process of evaluating a proposal to upgrade its core banking IT system to further improve technology, operational efficiency and offer enhanced services to customers. 

The technical discussions and evaluations relating to this proposal are still ongoing as per prudent and standard procurement practices.  No agreements have been signed and no monetary transactions have been committed with any party in relation to the above proposal.  People’s Bank stressed it remains committed to upholding the highest standards of integrity, transparency, and governance in all of its operations. 

“We urge the public to rely on verified information and not be misled by misinformation,” it said.