People’s Bank celebrates 48th anniversary

In the past, the banking system of Sri Lanka consisted of several foreign banks, which catered exclusively to the needs of those in the commercial and plantation sectors.

Regarded as a luxury exclusive to the elite, banking was beyond the reach of the common people. However with time, the cooperative sector identified an urgent need for a banking system for the masses, as a result on the July 1, 1961 People’s Bank came into being.

W. Karunajeewa

Since its inception People’s Bank served as a pioneer in the banking industry providing a wide array of banking services while enabling customers to perform banking activities in their native language. The bank has always taken initiative and played a role in the development of the Sri Lankan economy.

To achieve this goal the bank utilizes its islandwide network, to bring banking solutions, to develop rural industries, which include farming, animal husbandry and fisheries.

The People’s Bank has also introduced an array of savings and loan schemes to those in the rural areas, to improve their standard of living while assisting them in their business activities.

The success stories of small scale entrepreneurs, retailers and industrialists are numerous, and are ever increasing, a praiseworthy point for the People’s Bank.

The Chairman of the People’s Bank, W. Karunajeewa said: “As the economic system and the society of the country changed over the decades, the People’s Bank always managed to provide the best possible banking solutions to its customers by adapting to the changing socio-economic conditions. Currently the People’s Bank consists of 654 branches and service centres, which are located islandwide.

Out of which 14 branches are located in the Northern Province and are continuously in operation even during the times of conflict. We are geared to expand our services in the war affected areas under the Uthuru Vasanthaya program which has been launched with the aim of rebuilding North.”

Carrying forward its people - friendly service tradition, the People’s Bank has taken pioneering steps to provide banking services to the internally displaced people in the North, who live in relief villages.

The People’s Bank covers all the relief villages providing the occupants with complete banking services including access to PET automated teller machines.

The People’s Bank is prepared to open a number of service centres covering Jaffna, Vanni, Batticaloa and Trincomalee regions in the near future.

These service centres will be Jaffna Vavalar Road, Pandatherippu, Kalviyankadu, Puloly, Kopay, Puttur, Uduppidy in the Jaffna region, Kurumankadu, Chettikulam, Pesalai, Nanattan in the Vanni region, Kokkkadicholai, Wakarei, Puthur in Batticaloa region and Kachchaikuduthiv, Thoppur in the Trincomalee region.

As we progress towards the future, our aim is to contribute to the national development process more effectively.” The People’s Bank has introduced many savings schemes which cater to the needs of various age groups in the society.

Isuru Udana for children, Sisu Udana for students, YES for young adults, Vanitha Vasana for women, Parinatha for senior citizens, Ethera Isura for migrant workers and Doo Daru Ethera Isura for their children stand in testimony of this wider societal coverage. The bank offers Janajaya accounts whilst presenting high yielding fixed deposits and Special Foreign Interest Deposit Accounts (SFIDA) for relevant customer segments.