News
People’s Bank celebrates its 61st Anniversary
People’s Bank, a pioneer in the Sri Lankan Banking and Financial Services sector, celebrates its 61st anniversary today (July 1)
Instrumental in introducing the concept of banking to the general public in Sri Lanka, People’s Bank has continued with that responsibility further by providing digital banking services even to the most rural areas in the country, thereby enabling the entire nation to enjoy the benefits of cutting edge technology. Furthermore the Bank has played a pivotal role in driving the national socio-economic development since inception, thus earning the reputation as the pride of the nation.
People’s Bank was established under Act No. 29 of 1961 with the aim of uplifting the co-operative business and rural banking systems. This Act was submitted to Parliament by then Minister of Trade, Food, Co-operatives and Shipping T.B. Ilangaratne, under the leadership of then Prime Minister Sirimavo Bandaranaike. Vincent Subasinghe who was a pioneer in providing banking services to the co-operative sector was the first Chairman of People’s Bank.
In an era when banking services were limited to English speaking upper echelons of the society, it was the People’s Bank that changed that phenomenon by commencing to conduct its operations in Sinhala and Tamil.
Right from the inception, the bank started working towards its mission to serve the masses. Accordingly, the Bank has introduced many firsts to the country such as agriculture loans, Pawning, SME loans, Women’s Savings Accounts and Children’s Savings Accounts to name few. Most of these product concepts were so widely embraced by the society that almost all the local commercial banks are now offering them under various brand names.
Currently, People’s Bank is one of Sri Lanka’s largest financial institutions, boasting over Rs. 3 trillion in assets. Its network of 743 branches/service centers is the country’s largest. The bank also possesses a network of over 268 Self Banking Units operating 24/7 all 365 days of the year. This enormous network operating with over 8000 staff members, has enabled the people to get their banking done safely, securely and with ease of accessibility.
While the bank initially focused on rural sectors and cooperative movements, since then People’s Bank has evolved to cater to a wide range of customer segments including Retail, High Net Worth, Micro & SME and Corporate.
As a responsible state bank, People’s Bank has not only provided financial services to its customers but has also made significant contributions to the socio-economic progress of the country. During the past 61 years the bank has provided financial assistance in the areas of exports, education, health, expressways, roads, tourism and infrastructure. In addition, People’s Bank works successfully with over 900 banks worldwide to facilitate import and export trades by issuing Letters of Credit to private and State-owned enterprises. This function is invaluable to sustain normal lives of general public as it enables importation of essential items such as fuel, medicine, food and gas.
Adapting to the modern world, the People’s Bank launched a digital banking project in 2015, to ensure that their customers could transact easily, safely and efficiently. People’s Bank was the first bank in the island that took steps to undertake a comprehensive digital transformation project covering major part of its operations. As a result, People’s Bank now provides a world class digital banking experience to all its customers.
For example, People’s Bank has enabled customers to open an account paperless in as short a time as 10 minutes and obtain a personal loan within 24 hours. As another key component of the digitalization journey, People’s Bank introduced People’s Wave mobile banking app for customers to transact any time of the day using their smartphone without having to go to a bank branch and this has become the most downloaded app in Sri Lanka.
In addition, a mobile app was specially introduced to institutional customers called People’s Wyn. Online banking facilities targeting both retail and corporate customers were introduced in 2018.
Furthermore, People’s Bank has introduced the People’s Pay mobile app to support and promote digital payments within the nation.
The excellence of People’s Bank has consistently earned recognition both locally and internationally. SLIM Nielsen People’s Awards, National Business Excellence Awards and LankaPay Technnovation Awards are but some of the local accolades received by the bank. Internationally, People’s Bank has been the recipient of awards such as Asian Banker Excellence in Retail Financial Services Award and Asia Money Best Bank Awards.
Additionally, The Banker Magazine named People’s Bank as one of the Top 1000 Banks in 2018, 2019, 2020 and 2021. Multiple business magazines such as World Finance, International Business Magazine, Global Business Review Magazine, Global Banking and Financial Review Magazine of UK, SAFA Awards, The Asian Digital Finance Forum and Awards also have awarded the bank on several occasions.
ICCSL, CIMA, and Daily FT newspaper included People’s Bank as one of the 10 best institutions in 2018, 2019, 2020 and 2021 consecutively. People’s Bank is also the only State bank which was awarded the ISO/IEC 27001- 2013.
News
Israel resumes attacks as Iran vows to avenge supreme leader’s death
* Iran begins 40-day mourning after Khamenei killed in US-Israeli attack
* President Pezeshkian condemns killing as ‘a great crime’
Iran has begun 40 days of mourning after Supreme Leader Ayatollah Ali Khamenei was killed in ongoing attacks by the United States and Israel, according to Iranian state media.
Top security officials were also killed in Saturday’s strikes, along with Khamenei’s daughter, son-in-law and grandson. The killings mark one of the most significant blows to Iran’s leadership since the 1979 Islamic revolution Al Jazeera has reported.
Iranian President Masoud Pezeshkian condemned the killing as “a great crime”, according to a statement from his office. He also declared seven days of public holidays in addition to the 40-day mourning period.
Reporting from Tehran, Al Jazeera’s Tohid Asadi said people were pouring into the streets of the capital following the news of Khamenei’s killing.
“There will be expected ceremonies,” he said, noting they would likely take place amid continuing bombardment across the country.
Protests denouncing Khamenei’s killing were also reported elsewhere, including Shiraz, Yasuj and Lorestan.
“There will be expected ceremonies,” he said, noting they would likely take place amid continuing bombardment across the country.
Footage aired by Iranian state media showed supporters mourning at the shrine of Imam Reza in Mashhad, with several people seen crying and collapsing in grief, according to Al Jazeera.
The killing also led to protests in neighbouring Iraq, which declared three days of public mourning. In Baghdad, protesters confronted security forces in the heavily fortified Green Zone, which houses Iraqi government buildings and foreign embassies.
Videos verified by Al Jazeera showed demonstrators waving flags and shouting slogans, with witnesses saying some were attempting to mobilise towards the US Embassy. Footage also showed protesters blocking vehicles at a roundabout near one of the entrances to the area.
There was also a protest in the Pakistani city of Karachi, where footage, verified by Al Jazeera, showed people setting fire to and smashing the windows of the US consulate.
However, there have also been reports of celebrations in Iran, with the Reuters news agency quoting witnesses as saying some people had taken to the streets in Tehran, the nearby city of Karaj and the central city of Isfahan.
Meanwhile, the official IRNA news agency reported that a three-person council, consisting of the country’s president, the chief of the judiciary, and one of the jurists of the Guardian Council, will temporarily assume all leadership duties in the country. The body will temporarily oversee the country until a new supreme leader is elected.
Ali Larijani, the head of Iran’s Supreme National Security Council, accused the US and Israel of trying to plunder Iran, in an interview aired on state TV.
He also called on Iranians to unite. “Groups seeking to divide Iran should know that we will not tolerate it,” he added.

Smoke rises over central Tehran following ongoing U.S.–Israeli strikes on Iran yesterday.[EPA]
Khamenei assumed leadership of Iran in 1989 following the death of Ayatollah Ruhollah Khomeini, who had led the Islamic revolution a decade earlier.
While Khomeini was regarded as the ideological force behind the revolution that ended the Pahlavi monarchy, Khamenei went on to shape Iran’s military and paramilitary apparatus, strengthening both its domestic control and its regional influence.
Meanwhile, the Islamic Revolutionary Guard Corps (IRGC) pledged revenge and said it had launched strikes on 27 bases hosting US troops in the region, as well as Israeli military facilities in Tel Aviv.
Explosions have continued to be reported in Qatar and the United Arab Emirates, while security alerts are in place in several countries across the region.
US President Donald Trump, in a social media post on Sunday, warned Iran that it would be hit “with a force that has ?never been seen before” if it retaliated.
Iran’s retaliatory attacks since Saturday have targeted Israel and US assets across multiple Middle East countries, including Qatar, the UAE, Kuwait, Bahrain, Jordan, Saudi Arabia and Iraq.
Harlan Ullman, chairman of the strategic advisory firm Killowen Group and an adviser to the Atlantic Council in Washington, DC, said the US may have made a “big mistake” by killing Khamenei.
“Decapitation only works when you get all the leaders, and I don’t think that we got all the leaders,” Ullman said, adding that the US should not expect Iran’s leadership to enter negotiations in the immediate aftermath.
Iranian state media reported on Saturday at least 201 people have been killed in the joint US-Israeli attacks across 24 provinces, citing the Red Crescent. In southern Iran, at least 148 people were killed and 95 wounded in a strike on an elementary girls’ school in Minab on Saturday, with the toll continuing to rise, according to state media.
News
CPC has enough fuel stocks
There would be no delay in fuel shipments scheduled for April and May, the Ceylon Petroleum Corporation (CPC) assured yesterday.
Addressing a media briefing in Colombo, CPC Chairman D.J. Rajakaruna said Sri Lanka’s fuel supplies did not originate from the present conflict zone in West Asia and, therefore, supplies to the Corporation would not be disrupted.
He noted that the relevant consignments were due to arrive from India and Singapore as planned.
“We are making this statement responsibly. There is no need for the public to queue up for fuel. Distribution was not originally scheduled for Sunday (01), but due to increased demand, we have deployed all distribution staff to continue fuel issuance. Although Monday (02) is a Poya Day, fuel supplies will continue without interruption,” he said.
The Chairman added that all filling stations had been instructed not to dispense fuel into cans or barrels, warning that legal action would be taken against those attempting to purchase fuel in bulk containers for resale.
News
Lanka, Pakistan strengthen ties at 13th JEC
The 13th Session of the Sri Lanka–Pakistan Joint Economic Commission (JEC) was successfully held recently in Colombo, reinforcing the strong and longstanding economic and diplomatic ties between the two countries.
The Sri Lankan delegation was led by Wasantha Samarasinghe, Minister of Trade, Commerce, Food Security and Cooperative Development, while the Pakistani delegation was headed by Haroon Akhtar Khan, Special Assistant to the Prime Minister of Pakistan for Industries and Production. The session concluded with the signing of the Agreed Minutes by both Co-Chairs, formalising cooperation across multiple sectors.
The Pakistan High Commission in Colombo said that in the IT and digital economy, both sides agreed in principle to establish a Joint Working Group on IT and telecommunications, promote collaboration in emerging technologies, and support each other in international digital forums.
Industrial cooperation was a key focus, with discussions on expanding trade in chemicals, polymers, engineering goods, glassware, surgical instruments, and pharmaceuticals. Sri Lanka invited Pakistani pharmaceutical companies to explore investment opportunities in designated pharmaceutical zones. Both countries also agreed to strengthen collaboration in Export Processing Zones and enhance support for small and medium enterprises through their respective development agencies.
Significant progress was made in agriculture and livestock, including cooperation on meat exports, livestock farming, seed certification, sanitary and phytosanitary harmonisation, pest risk analysis, and capacity building. Procedures for the export of Sri Lankan pineapples and avocados to Pakistan were advanced. Both sides explored electronic phytosanitary certification (ePhyto), blockchain-based seed traceability systems, and increased trade in agro-commodities such as rice, sesame, and onions.
In education, the JEC emphasised academic and research cooperation, faculty and student exchanges, accreditation and quality assurance, and promoting Pakistan as a higher education destination for Sri Lankan students. A Joint Working Group on Education and Science was proposed, alongside renewal of several institutional Memoranda of Understanding.
Cooperation in science, technology, and innovation will continue under existing bilateral frameworks, with plans for joint research in advanced materials, biotechnology, climate change mitigation, and emerging technologies. Collaborative research projects, student exchanges, and co-authored publications were highlighted as key initiatives.
Health sector collaboration will focus on joint research, academic exchanges, regulatory cooperation on therapeutic goods, capacity building, fast-track registration of essential medicines, public-private partnerships, epidemiological surveillance, and coordinated responses to disease outbreaks.
Maritime cooperation was also discussed, with Pakistan offering technical expertise, training, and industrial collaboration through its shipbuilding institutions. Both sides explored enhanced maritime connectivity, including transshipment, port cooperation at Karachi and Gwadar, direct shipping routes, logistics integration, and maritime training programs.
Commerce secretary-level talks reviewed the progress of the Pakistan–Sri Lanka Free Trade Agreement (PSFTA), assessing current implementation and identifying measures to further enhance bilateral trade and economic cooperation.
On the sidelines, Special Assistant Haroon Akhtar Khan held discussions with Sri Lankan Cabinet members on collaboration in industry, labor and foreign employment, and health sectors.
Both delegations expressed satisfaction with the outcomes of the 13th JEC and reaffirmed their commitment to regular engagement and effective implementation of agreed initiatives. It was mutually agreed that the 14th session will be held in Islamabad, with dates to be confirmed through diplomatic channels.
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