People’s Bank in major push to increase remittances

People’s Bank will make a major push towards bringing in more worker remittances to the country with various incentives programmes designed to encourage migrant workers to send more money through banking and other official channels. 

As a State-owned bank, People’s Bank offers the maximum security to the remittance incomes repatriated. Its reach to every nook and corner of the country with an expansive network of 743 branches, has made People’s Bank the preferred choice for many migrant workers to send their hard-earned moneys to their families, friends and loved ones in the country. 

With the current foreign exchange shortages faced by Sri Lanka, worker remittances play a key role in the country’s economic recovery programme. The Central Bank of Sri Lanka has already taken a number of measures to clamp down on illegal and informal money changers. Following the devaluation of the rupee, migrant workers now get around Rs.360 to a dollar from banking and other formal channels compared to Rs.200 they received up to March 7.

Sri Lanka generally gets around US$ 7 billion as worker remittances every year and in 2020 Sri Lanka received US$ 7.1 billion due to informal channels going dormant amid Covid -19 related lockdowns and other restrictions.
Despite the recent dip in foreign worker remittances received through legitimate channels, the bank is confident that they will improve back to their former levels in the medium term.

In this backdrop, People’s Bank has introduced ‘People’s Remittance ‘Waasi Kotiyai’ – mega bonanza campaign to bring in more remittances to the country and thereby help the nation to navigate the current crisis with limited impact. 

“With a view to strengthening the country’s economy as well as uplifting the living standards of the recipients, the People’s Bank has launched the ‘People’s Remittance’ Waasi Kotiyai from 1st February, with the aim of encouraging and appreciating Sri Lankan foreign workers in overseas employment,” People’s Bank CEO/General Manger Ranjith Kodituwakku said. 

“Under the mega bonanza programme, the top winner selected at the end of the year will be awarded a cash prize of Rs.10 million. The monthly winners of Rs.1 million will be selected every month, while another 48 weekly lucky winners will receive 22 carat gold coins and 334 daily winners up to 31 December 2022 will receive cash prizes of Rs.10, 000 each,” he added. 

“Also, we have already planned to introduce a special incentive package that encourages Sri Lankan workers abroad to send their remittances via formal channels, which include services such as accident/life insurance benefits and low interest loan facilities,” Kodituwakku said.

People Bank has representatives stationed in many overseas counties to help and provide banking services to our Sri Lankan expats. Among Sri Lankan expats, Peoples Remittances remains the most popular web-based remittances transfer service which has helped them minimize transaction costs and make more secure real-time remittance transfers throughout the years.

Peoples Bank offers its services through a network of over 1,000 overseas correspondents across the world, including foreign banks, exchange houses, and money exchange service providers. This has helped the bank to establish itself as the leading Sri Lankan financial organization with the largest partner network for Remittances transactions, resulting in enabling the bank’s account holders to send and deposit foreign currency to People’s Bank from anywhere in the world.

People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest
banking footprint comprised of 743 branches and service centers island-wide. With a history
spanning 60 years, the Bank benefits from a staff strength of close to 8,000 who tirelessly and diligently serve more than 14.0 million customers and close to 19.0 million account relationships, which is by far the largest customer base of any financial services provider in the country. 

Established under the People’s Bank Act No. 29 of 1961, the bank carries a National Long-Term Rating of “AA- (lka/ rating watch negative)”; by Fitch Ratings Lanka Ltd.