People’s Bank marks 63 years in Sri Lanka today

People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer/General Manager Clive Fonseka

People’s Bank, a trailblazer in Sri Lanka’s banking and financial services sector, marks its 63rd year in operation in Sri Lanka today.
Renowned for democratizing 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 Minister of Trade, Food, Co-operatives, and Shipping, T.B. Ilangaratne, under the leadership of 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. 
The bank’s diverse offerings include specialized 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.

Further, over 3.4 million digital customers are with the bank and more than 75 percent of the bank’s transactions are processed digitally.
The bank’s excellence has been recognized with numerous local and international awards, including accolades from the National Business Excellence Awards, LankaPayTechnnovation Awards, and prestigious international bodies such as Asian Banker, Asia Money, World Finance, and more.