Govt saved People’s Bank from privatization - President

*Certain forces tried to bankrupt state banks

*People’s Bank has won hearts of millions

Dharma SRI ABEYRATNE

President Mahinda Rajapaksa yesterday said the government led by him succeeded in saving the People’s Bank and other State banks which were to be privatized by some former authorities.

He said that the government was able to defeat various conspiracies hatched by certain elements to make this bank bankrupt which was established by T.B. Illangaratne as the finance minister in the Sirimavo Bandaranaike government of 1961.

Speaking at the 60th anniversary of People’s Bank at Temple Trees, the President said that the Sri Lanka banking sector served the nation for decades undeterred by the economic crisis which engulfed the whole world in the last decade.

He added that some elements were in the practice of spreading rumours that state banks were nearing bankruptcy as part of a massive campaign to convince the public that state banks needed to be privatized. President Rajapaksa added that they highlighted the financial burden of these banks without considering the services rendered by these banks.

“Certain forces tried to make this state bank bankrupt. As a part of a conspiracy they spread baseless rumours that the bank was nearing bankruptcy,” he said.

“However, steps have been taken by the government to safeguard People’s Bank.” The President noted that those conspiracies had been totally defused and the bank has been marching forward satisfactorily. “Banks have to be protected from economic killers,” the President noted.

“Therefore, the golden jubilee of People’s Bank is a landmark event of national significance,” the President said.

Since its establishment on July 01, 1961, the People’s Bank has been in the forefront of the banking sector. The People’s Bank was established under the guidance of then Prime Minister Sirimavo Bandaranaike by several ministers including T B Illangaratne, Philip Gunawardena and so on aiming to provide people with a friendly financial service. Today the People’s Bank has the largest banking network with 686 bank branches throughout the country and winning the hearts of 12 million customers. Empowered with state-of -art technology, yet preserving a true sense of Sri Lankan identity, the bank will continue its services to the people of the country with the same level of dedication, President Rajapaksa added. President Rajapaksa further said that the bank has to be further developed so as to cater to the public aspirations in the coming fifty years.

He advised the bank staffers to make smooth the loan granting system since loans have to be paid at the right time. During the next 50 years the Bank will be driven far ahead to meet the people’s requirements. Accordingly, the Bank will address the financial needs of people as a more friendly bank while strengthening the country’s economy. In line with the Golden Jubilee celebrations,the Central Bank of Sri Lanka issued a Rs 1,000 commemorative coin. President Mahinda Rajapaksa was presented the first coin by the Heads of the Bank. In addition, commemorating the 50 years of service the Postal Services Ministry issued a commemorative postage stamp.