People’s Bank marks 64 years of service
View(s):People’s Bank, a pioneer in Sri Lanka’s banking and financial services industry, commemorated its 64th anniversary on July 1.
Since its establishment, the bank has played a transformative role in extending formal banking services to the wider public, championing financial inclusion across the nation. Today, it continues this legacy by delivering state-of-the-art digital banking solutions that reach even the most remote communities, it said in a media release.
With consolidated assets exceeding Rs. 3 trillion, People’s Bank stands as a national leader, significantly contributing to Sri Lanka’s socio-economic development. Its customer-centric approach has enabled it to deliver a wide range of financial solutions through innovative digital platforms.
Currently, People’s Bank operates an extensive network of 751 branches and Service Centres, supported by over 7,600 dedicated staff members. The bank’s forward-thinking use of over 300 Self Banking Units (SBUs) empowers customers to access banking services 24/7 without needing to enter a branch. Serving a customer base of over 15.2 million, People’s Bank holds the distinction of having the largest customer base among Sri Lanka’s commercial banks.
Established under Act No. 29 of 1961 with the aim of uplifting the cooperative sector, rural banking, and communities, People’s Bank was founded by the then Minister of Trade, Food, Co-operatives and Shipping, T.B. Ilangaratne, under the leadership of then Prime Minister Sirimavo Bandaranaike.
People’s Bank was the first to introduce a range of public savings products, including children’s savings and dedicated accounts for women. It also pioneered pawning services in 1961, providing enhanced security and attractive interest rates. These innovations revitalised the sector and fostered a strong culture of savings.
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