People's Bank is one of the pillars of Sri Lanka's financial system, as a commercial bank wholly owned by the government, since its establishment in 1961, it has become the second largest commercial bank in Sri Lanka with its extensive service network, solid financial position and commitment to social responsibility. This article will provide insights into the characteristics and advantages of People's Bank in terms of institutional profile, financial health, products and services, fee structure, digital experience, customer service quality, security measures, unique services and market position, etc., to provide in-depth insights for potential customers and researchers.
Institutional Overview and
BackgroundPeople's Bank was established on July 1, 1961 by the then Minister of Commerce, Trade, Food and Shipping, T.B. Ilangaratne was founded and is headquartered at 75 Sir Chittampalam A. Gardiner Mawatha, Colombo. The bank is an unlisted state-owned enterprise (SOE) with 70% stake by the Sri Lankan government, 15% by the Vanuatu National Provident Fund and 15% by the International Finance Corporation (IFC). Its core mission is to provide reliable financial services to the general population, especially in rural areas.
With over 14 million customers and assets of Rs 1.873 trillion as of 2019, People's Bank is the second largest commercial bank in Sri Lanka. The bank has 29 branches across the country, covering both urban and rural areas, and offers a wide range of ATM services through the CO-OP network to facilitate customer deposits and withdrawals. People's Bank also supports multi-currency accounts, which are suitable for international trading and wealth management needs.
Banks are regulated by the Central Bank of Sri Lanka and are subject to regulations such as the Banking Act No. 30 of 1988 to ensure transparency and stability in their operations. Deposits are protected through the Sri Lanka Deposit Insurance Scheme (SLDIS) with compensation of up to Rs 1.1 million per depositor. As of 2025, banks have not reported significant compliance issues, demonstrating their robust performance in regulatory compliance.
Historical
BackgroundPeople's Bank was founded in 1961 from the Sri Lankan government's vision to promote financial inclusion. The first branch opened on Duke Street, Colombo, followed by Kandy in 1962, marking the bank's nationwide expansion. By 1977, the bank had 50 financial services outlets in the Western Province. In 1984, People's Bank acquired People's Merchant Bank, enhancing its international capabilities. Following the passage of the Banking Act in 1988, banks further standardised their operations and in 1989 began to support the Ministry of Labour in handling the Employees' Provident Fund (EPF) outside of Colombo. In 1990, the bank led the modernization of Sri Lanka's banking sector with the introduction of the "People's Card" (later renamed PET) and the installation of the first ATM in Colombo.
Digital Service
ExperiencePeople's Bank provides modern financial services through the "People's Wave" and "People's Pay" mobile apps, available for iOS and Android. Core features include:
- Account Management: View balances, transaction history, and bills.
- Real-time transfers: Support domestic and international transfers (SWIFT code: PSBKLKLX).
- Bill Payment: Pay bills online for day-to-day financial management.
Customer Service Quality
Service Channels
- Telephone Support: Call 1961 domestically, +94 112 031 001 from overseas, available on weekdays.
- Branches: 29 branches offer face-to-face services.
- Social media: Interaction via [Facebook page] interaction, undisclosed response speed.
Multilingual support
is mainly available in English and Sinhala, but may be available in Tamil depending on the customer's needs, subject to consultation.
Security
MeasuresFunds are
protected by the Sri Lanka Deposit Insurance Scheme with a maximum compensation of Rs.11 lakh. Banks use anti-fraud technologies, such as real-time transaction monitoring, to prevent unauthorized transactions.
Data security
: Industry-standard encryption and MFA for online banking and mobile apps.
Featured Services & Differentiated
Market Segments
- Student Account: YES Savings Account is geared towards youth and offers digital banking and education loan support with a minimum deposit of INR 2000.
- Senior-only banking :P arinatha account offers 2% extra interest for customers over the age of 55, a complimentary VISA international debit card and priority service.
- Green financial products: Supporting environmental projects, such as solar power generation, through "Green Power" loans, but without specifying ESG investment products.
Community
InvolvementPeople's Bank is actively involved in education funding, disaster reconstruction, and environmental protection. For example, in 2020, food and medical assistance were provided to families affected by COVID-19. The bank also promotes sustainable finance practices through the "Green Banking" initiative, which has won the "Green Plus" and "Carbon Conscious Awards".
Market Position & Accolades
People's Bank is the second largest commercial bank in Sri Lanka with assets of Rs.1.873 trillion (2019) and over 14 million customers. In 2020, the Bank was awarded the "Deal of the Year" award by the Asian Development Bank. In 2023, it was named "Best Domestic Bank" and "Best Diversity & Inclusion Bank" by Asiamoney Best Bank Awards, with an AA+ rating from Fitch Ratings, highlighting its market leadership and excellent social responsibility performance.
Looking
ahead, People's Bank will continue to drive digital transformation, plan to expand its service network, enhance customer experience, and strengthen its role in green finance and sustainability. The Bank is committed to making a greater contribution to Sri Lanka's economic development through innovation and community engagement.
SummaryAs
the financial pillar of Sri Lanka, People's Bank has won wide recognition from customers and the market for its extensive service network, solid financial position and commitment to social responsibility. Whether it's an SME or a retail customer or a community project, banks offer a diverse range of financial solutions. In the future, its continued efforts in the field of digitalization and sustainability will further strengthen its position as an industry leader.
