People’s Bank celebrates 55th Anniversary

People’s Bank powers its way ahead of competition in the country’s banking industry as it celebrates its 55th anniversary on 1 July as the premier bank in Sri Lanka which has not only revolutionised the country’s economic and banking sectors, but has also won the hearts and minds of the nation’s citizens. 

Its consistent customer and community-centric approach has helped it drive innovation and tailor products and services that have the maximum impact to enhance lives. In over five decades of its operations, the bank has proved that it is an institution that is close to the common man, reading the pulse of the people accurately. By developing communities from the grassroots up, the bank has performed yeoman’s service to the nation.

As is well-known about its origins, the inaugural People’s Bank branch was opened at Duke Street, under the Chairmanship of Vincent Subasinghe, under the 1961 Act 29 presented to the cabinet by the then Minister of Trade, Food, Cooperative and Shipping T.B. Illangaratne, which focused on developing the rural banking system and the people. Subsequently, branches in Matale, Kandy, Hingurakkgoda, Polonnaruwa, Hambantota, Anuradhapura and Puttalam were added to the network tally.

Today, People’s Bank has grown to be the trusted banking partner to more than 16 million customers across the country, leveraging on its approximately 737 branches and a network of over 2,500 ATMs connected through Lanka pay. Its employee base has expanded to accommodate more than 10,000, making it a significant employment generator. 

People’s Bank has consistently carried out pioneering initiatives through its history. It was the first banking institution to commence its official banking work bilingually in Sinhala and Tamil and the first to introduce the trilingual cheque book which could be used in English, Sinhala or Tamil.

As a socially responsible financial institution, People’s Bank has recently embarked on a powerful sustainability journey to measure, manage and mitigate its environmental footprint by launching a formal Environment Sustainability Programme, called ‘People’s Green Pulse’, which will guide the institution to achieve its aspirations for a greener future through focused carbon management initiatives. People’s Bank’s decision to embark on carbon management is in keeping with its reputation as a leader and pioneer in the industry.

In a bid to sustain and grow its leadership, People’s Bank recently launched the first phase of its digitalisation drive. This partnership and the introduction of this cutting-edge technology will enable People’s Bank to deliver a new level of service to its customers, whilst revolutionising the banking sector. This technology is the first-of-its kind to be introduced to the Sri Lankan market and will give People’s Bank an unprecedented advantage in the banking sector and help to keep it abreast with the latest consumer and market trends. 

People’s Bank also offers innovative banking experiences with convenience such as Mobile Banking, People’s Net and Palm Top Banking to its customers. The People’s Mobile Banking Service in partnership with mobile networks enables its customers to do banking and bill payments through their mobile phones, without visiting a branch. 

The bank has always played a pivotal role in encouraging agriculture, estate sector, commercial, small and medium scale enterprises and foreign income generation by introducing various loan schemes to strengthen the business community. The credibility of being a government bank coupled with reasonable interest rates won the complete trust of the public making People’s Bank the market leader in the pawning and gold security sector.

People’s Bank also counts corporate clients and the international banking as part of its business, spanning a network with 900 agents in 103 countries to provide finance facilities and consultancy to corporate clients involved in international trade.  

Established with a social responsibility mandate, People’s Bank has gone beyond providing financial inclusion to have a far-reaching impact on society through CSR projects. The bank as well as its staff has contributed immensely with a selfless support for relief activities towards those who were affected by natural disasters such as tsunami, floods and droughts as well as to lend a helping hand to those who were affected by the war. 

Awards and accolades have been aplenty over the years. The bank was awarded the most coveted ‘Best Brand’ and ‘Best Service Brand of the Year’ awards by the Sri Lanka Institute of Marketing. People’s Bank has been winning prestigious awards such as the SLIM-Nielsen People’s Award for the Service Brand of the Year and People’s Award for the Best Banking and Finance Service Brand of the Year for tenth consecutive years. 

Fulfilling the expectations of the customers while moving forward as a responsible brand of the Sri Lankans, People’s Bank is honoured to celebrate 55 years of service.