People’s Bank celebrates 64 years of excellence in serving Sri Lanka

People's Bank Chairman Prof. Narada Fernando (left) and Chief Executive Officer Clive Fonseka

People’s Bank, a pioneer in Sri Lanka’s banking and financial services industry commemorates its 64th anniversary today. 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.

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 Centers, 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 Trade, Food, Co-operatives and Shipping Minister T.B. Ilangaratne, under the leadership of Prime Minister Sirimavo Bandaranaike. The bank’s first Chairman Vincent Subasinghe, played a vital role in transforming the cooperative sector by pioneering the use of Sinhala and Tamil in banking, thereby making financial services more accessible to the broader population. 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.

The bank’s diverse portfolio of services includes specialised accounts and loan schemes designed to support various demographics and industries, empowering individuals to enhance their quality of life and develop sustainable businesses. Beyond traditional banking, People’s Bank plays a vital role in national development, supporting sectors such as exports, education, healthcare, and infrastructure.

In international trade, the bank collaborates with over 900 global financial institutions, facilitating import and export operations through Letters of Credit and guarantees, thus strengthening Sri Lanka’s presence in the global marketplace.

In line with evolving market needs, People’s Bank embarked on a digital transformation journey in 2015, introducing a suite of innovative digital solutions including People’s Wiz digital accounts, the People’s Wave mobile banking app, People’s Wiz Credit digital loans, the People’s Wyn corporate mobile app, People’s Web Internet Banking, People’s Pay Digital Wallet, and People’s Eze virtual account opening service. Today, the Bank proudly serves over 3.6 million digital customers, with more than 80% of transactions now processed digitally. Demonstrating its ongoing commitment to customer service, People’s Bank developed “People’s Zen”, an intelligent chatbot that provides 24/7 customer assistance. Additionally, the bank continues to promote digital literacy through educational content disseminated via social media platforms.

Rooted in its values of service and inclusion, People’s Bank actively supports community development through its flagship CSR program, Mahajana Mehewara, which focuses on improving access to education, healthcare, religious services, and sustainability initiatives. This socially responsible ethos complements the Bank’s broader mission of delivering superior banking services while uplifting communities.

People’s Bank’s excellence has been recognised with numerous local and international accolades, including honours at the Best Management Practices Company Awards 2025, CRIB CEO’s Forum and Institutional Rating Awards 2025, AICPA & CIMA - JXG Pinnacle Awards, National Business Excellence Awards, LankaPay Technnovation Awards, and commendations from esteemed global entities such as Euromoney, Asian Banker, AsiaMoney, World Finance, and The European.

As it celebrates 64 years of service, People’s Bank remains steadfast in its commitment to innovation, customer service, and digital transformation—delivering value to its stakeholders and supporting the nation’s journey towards inclusive economic growth.