Monday May 18, 2026
Monday May 18, 2026
Monday, 18 May 2026 00:20 - - {{hitsCtrl.values.hits}}
People’s Bank has informed that an error relating to the application of the exchange rate in one currency within a specific remittance system, which resulted in certain customers receiving excess amounts during the period from May 2023 to March 2026, was recently identified and has since been fully rectified.
Upon detection, the bank immediately initiated a detailed internal review and strengthened the relevant operational controls. The matter is currently being reviewed in consultation with the appropriate regulatory and supervisory authorities, including the Central Bank of Sri Lanka (CBSL), in keeping with the bank’s commitment to transparency and sound governance.
The estimated financial impact emanated from this matter amounts to approximately Rs. 656 million, which has already been fully recognised in the bank’s financial statements during the aforementioned period. Based on current assessments, no further financial impact is anticipated.
The bank has also commenced the relevant recovery processes in respect to the affected transactions and made progress with its recovery from the respective customers.
In its statement, People’s Bank reassured all customers and stakeholders that its day-to-day banking operations, digital platforms, and customer services continue to function normally and without interruption. Given the bank’s strong financial position and asset base of approximately Rs. 3.8 trillion, this has no material impact on the bank’s overall financial stability, profitability, or the safety of customer funds and deposits.
“As an institution with a longstanding commitment to trust, stability, and responsible banking, People’s Bank remains focused on maintaining the highest standards of operational integrity, governance, and customer service,” it added.
