People’s Bank marks 65 years of banking excellence and national service

Chairman Prof. Narada Fernando

CEO and GM Clive Fonseka

People’s Bank, one of Sri Lanka’s leading banking and financial institutions, celebrated its 65th anniversary on July 1, marking six and a half decades of dedicated service to the nation. 

Since its establishment in 1961, the bank has played a pioneering role in expanding access to formal banking services, promoting financial inclusion and supporting the country’s economic and social development. Today, People’s Bank continues to build on this proud legacy through innovative digital banking solutions that empower customers and reach even the most remote communities across Sri Lanka.

With consolidated assets exceeding Rs.3.7 trillion, People’s Bank stands as a national leader, making a significant contribution to Sri Lanka’s socioeconomic development. Its customer-centric approach has enabled the bank to deliver a comprehensive range of financial solutions through innovative digital platforms.

Today, People’s Bank operates an extensive network of 745 branches and Service Centres, supported by more than 8,100 dedicated employees. The bank’s forward-thinking network of over 300 Self Banking Units enables customers to access banking services 24 hours a day, seven days a week, without visiting a branch. Serving more than 15.2 million customers, People’s Bank holds the distinction of having the largest customer base among Sri Lanka’s commercial banks.

Last year, People’s Tower, the new head office building of People’s Bank, was ceremonially declared open at No. 374, Dr. Colvin R. de Silva Mawatha, Colombo 2. The opening of the new head office marked a significant milestone in the history of banking and finance in Sri Lanka. It symbolises not only the bank’s growth but also the nation’s broader economic progress, while providing a strong foundation for the continued expansion of the bank’s services.

Established under Act No. 29 of 1961, with the objective of strengthening the cooperative sector, rural banking and local 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 pivotal role in transforming the cooperative banking sector by introducing Sinhala and Tamil into banking operations, making financial services more accessible to the wider public.

People’s Bank was the first to introduce a range of retail savings products, including children’s savings accounts and dedicated savings schemes for women. The bank also pioneered pawning services in 1961 by offering enhanced security and attractive interest rates. These innovations revitalised the sector and helped cultivate a strong savings culture across the country. Beyond traditional banking, People’s Bank continues to play a vital role in national development by supporting key sectors such as exports, education, healthcare, agriculture and infrastructure.

Responding to the evolving customer needs, People’s Bank embarked on a comprehensive digital transformation journey in 2015. Since then, the bank has introduced a range of innovative digital solutions, including paperless as well as virtual account opening, mobile banking apps, online loan applications, internet banking for both corporate and retail segments and a digital Wallet. Today, the bank proudly serves more than four million digital customers, with over 80 percent of customer transactions now processed through digital channels. Demonstrating its ongoing commitment to customer service, People’s Bank also introduced an AI-powered chatbot that provides 24/7 customer assistance. 

Guided by its values of service and inclusion, People’s Bank continues to support community development through its flagship CSR programme Mahajana Mehewara, which focuses on improving access to education, healthcare, religious institutions and environmental sustainability initiatives. This commitment to social responsibility complements the bank’s broader mission of delivering superior banking services while uplifting communities across the country. 

In commemoration of its 65th anniversary, People’s Bank has also pledged Rs.300 million to the government’s Rebuilding Sri Lanka Fund to support the construction of a multi-storey housing project in the Nuwara Eliya district for the families affected by Cyclone Ditwah.

People’s Bank’s excellence has been recognised through numerous local and international accolades, including awards at the Best Management Practices Company Awards, AICPA & CIMA – JXG Pinnacle Awards, National Business Excellence Awards and LankaPay Technnovation Awards as well as recognition from prestigious international organisations such as Euromoney, The Asian Banker, Asiamoney, World Finance and The European.

As it celebrates 65 years of dedicated service, People’s Bank remains steadfast in its commitment to innovation, customer-centricity and digital transformation, creating sustainable value for its stakeholders while supporting Sri Lanka’s journey towards inclusive economic growth.