People’s Bank denies State media reports

Saturday, 18 March 2023 00:59 -     - {{hitsCtrl.values.hits}}

The People’s Bank yesterday denied misleading reports published in State media regarding Government institutions’ bank accounts.

“We would like to clarify that we have not received any direct or indirect requests or instructions from any State institution to close their accounts with us,” People’s Bank Marketing Department said in a statement. “We wish to strongly emphasise that People’s Bank has always been a trusted partner for State organisations in providing reliable banking services, including instances where such services were provided at the expense of profitability, in order to serve the country’s best interests,” it added.

People’s Bank said it is well-equipped to meet the financial needs of all public and private sector customers and has a strong track record of providing customised banking solutions that cater to their unique requirements.

“We take this opportunity to thank our customers for their continued trust in us, and look forward to serving them with our full commitment and dedication,” the statement added.

State media claimed that heads of departments and corporations in a letter to President Ranil Wickremesinghe informed them that they would shift the People’s Bank accounts of their respective institutions to another bank. State media also said the President instructed Finance Ministry officials to pay special attention to the request of heads of Government corporations and departments.

State media said these institutions’ activities were impacted due to the employees of People’s Bank engaging in industrial action on Wednesday.

However on Wednesday, President’s Media said the countrywide trade union strike didn’t impact People’s Bank as 330 of its 350 branches fully functioned on that day.