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People’s Bank notches Rs. 3 trillion in consolidated assets as it celebrates 62nd anniversary

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People’s Bank chairman Sujeewa Rajapakse and Acting CEO/ GM Clive Fonseka

People’s Bank, a pioneer in the Sri Lankan banking and financial services sector, celebrated its 62nd anniversary on July 1, marking over six decades of excellence and service to the nation. With a customer base of over 14.7 million and consolidated assets of over Rs.3 trillion, they have been instrumental in introducing the concept of banking to the general public in Sri Lanka. Today People’s Bank continues its responsibility by providing cutting-edge digital banking services even to the most rural areas in the country, a People’s Bank press release said.

The release added: ‘The bank over the years has played a pivotal role in driving the national socio-economic development, thus earning the reputation as the pride of the nation. Today, it has 745 outlets across the country providing a full range of banking services to individuals and SMEs. People’s Bank has proved its commitment to the well-being of the country many a time, extending its support to the government by facilitating financing for development and international trade activities.

‘Through its Mahajana Mehwara CSR programme, the bank with its employees has financed the buying of vital medical equipment worth over Rs.20 million to key government hospitals to treat Covid 19 patients during the pandemic. Among many other community service initiatives are, the donation of essential medical supplies to Lady Ridgeway and Castle Hospitals worth over Rs10 million and the provision of solar-powered electricity systems for underprivileged schools.

‘People’s Bank was established under Act No. 29 of 1961 with the aim of uplifting the cooperative 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.

‘From its inception, the bank started working towards its mission to serve the masses. Accordingly, People’s Bank has introduced many firsts to the country such as agriculture loans, Pawning, SME loans, Women’s Savings Accounts and Children’s Savings Accounts. Most of these product concepts were so widely embraced by society that almost all the local commercial banks are now offering them under various brand names.

‘Adapting to the modern world, the People’s Bank launched its digital banking project in 2015, to ensure that customers could transact easily, safely, and efficiently. They were 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, with over 70% of its transaction volume being processed as digital transactions.

‘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 the Asian Banker Excellence in Retail Financial Services Award, Asia Money Best Bank Awards, SAFA Awards, The Asian Digital Finance Forum Awards.’



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Foreign Minister defends India pacts, sidesteps transparency demand

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The press conference held at the Foreign Ministry in Colombo yesterday. From left:Arun Hemachandra, Deputy Minister of Foreign Affairs, Vijitha Herath, Minister of Foreign Affairs and Tourism and Prof. Ruwan Ranasinghe, Deputy Minister of Tourism

In a press conference marked by both clarity and pointed omission, Foreign Affairs and Tourism Minister Vijitha Herath, yesterday offered a robust defence of two controversial bilateral agreements with India but conspicuously avoided committing to tabling their full texts in Parliament.

The minister’s appearance, billed as a year-opening briefing, took a sharp turn when questioned on the strategic implications of the India-Sri Lanka Defence Cooperation Agreement and Sri Lanka’s acceptance of the Indian Pharmacopoeia.

“No Indian military camps on our soil”

Responding in Sinhala to a question posed in English, Minister Herath moved first to allay what he suggested were widespread misapprehensions about the defence pact.

“This agreement is especially for data and information exchange purposes regarding drug trafficking, drug mafias, human trafficking, and any terrorist activities that could threaten regional security and peace,” Herath stated.

He emphasised that it would also facilitate “various support related to the defence sector.”

In his most definitive assertion, aimed at quieting a persistent national anxiety, the Minister declared: “We must clearly say that there is no plan or possibility of setting up Indian defence camps on Sri Lankan soil.” He categorised the pact not as a “defence agreement” but a “defence cooperation agreement in its real sense,” claiming it creates an “advantageous position” for Sri Lanka.

He linked recent post-‘Ditwah’ cyclone disaster support from India, as well as U.S. aerial support during recovery efforts, to the frameworks established by such cooperation agreements, arguing they have proven beneficial.

Indian Pharmacopoeia: A reputation-based advantage

On the equally contentious acceptance of the Indian Pharmacopoeia – a standard synopsis for drug manufacturing – Minister Herath framed it as a logical step that formalises existing practice.

“We already import a significant share of medicines from India,” he noted. The agreement, he explained, signifies the acceptance of medicines exported by a “reputed Indian pharmaceutical company” approved by its national regulators.

He assured the public that Sri Lanka’s National Medicine Regulatory Authority (NMRA) will continue to remain the monitor. “By entering into this, no disadvantage will happen to us. Only an advantage will happen… it will only be beneficial to us,” he emphasised.

The unanswered question

Despite the detailed assurances, the Minister pointedly ignored the final and arguably most critical part of the question posed by The Island Financial Review : whether the government would table the full text of the two agreements in Parliament for transparent debate and discussion.

This omission is likely to fuel further controversy, as opposition parties, civil society groups, and independent analysts have repeatedly demanded full parliamentary scrutiny, arguing that agreements touching on sovereignty and public health mandate the highest level of public transparency.

Tourism Pride

Shifting to his tourism portfolio, Minister Herath struck an optimistic note, citing record tourist arrivals and foreign remittances in 2025 as a sign of resilient recovery post-Ditwah.

The conference also touched on global affairs. When asked about the U.S. arrest of Venezuelan President Nicolás Maduro, Herath presented a nuanced governmental position. He stated that while his party, the JVP, condemns the action, the government’s official stance is to urge respect for national sovereignty in line with the UN Charter – a reflection of the coalition’s delicate balancing act between ideological roots and diplomatic pragmatism once in governance.

Minister Herath’s explanations provide the government’s clearest public rationale yet for the India agreements, directly confronting fears over militarisation and pharmaceutical quality. However, the deliberate sidestepping of the transparency query left a communication deficit at the heart of the press conference.

High-stakes diplomacy

It reflected a perception that while the administration is willing to defend its policy outcomes, it remains reluctant to subject the processes of high-stakes diplomacy to the full glare of parliamentary and public scrutiny. As these agreements continue to shape Sri Lanka’s strategic and health landscape, the call for their full disclosure is now accompanied by a louder question about the government’s commitment to open governance.

by Sanath Nanayakkare

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‘Vehicle-Testing Can Save Lives’

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Dharmasiri Gamage, Director, Presidential Secretariat, (4th from left), receiving the proposal from Prasanna De Zoysa (2nd from left), AAC Sectoral Chairman, Road Safety and Devapriya Hettiarachchi (3rd from left), Secretary, AAC at the Presidential Secretariat.

Automobile Association of Ceylon (AAC), in collaboration with the Federation Internationale de L’ Automobile (FIA) and under the UN Decade of Action for Road Safety has been consistently engaging in road safety enhancement programs for all citizens of Sri Lanka.

Current data indicates that while over 08 million vehicles are registered in the country, only heavy vehicles (less than 20% of the vehicle population) are subjected to compulsory road-worthiness tests.

Fatal accidents due to technical failures in vehicles are on the rise and the damage to lives and property is severe.

We also understand that there is a death every three hours and eight deaths per day in road accidents. This amounts to nearly 3000 deaths in road accidents per year.

AA of Ceylon has launched the “Vehicle Testing can Save Lives” project with the advice and support given to execute our campaign by the Minister of Transport, chairman, National Council for Road Safety (NCRC), Deputy Inspector General of Police (Traffic Division), Dr. Indika Jagoda, Deputy Director (Accident Service), National Hospital, president, Lions Club of Boralasgamuwa, Metro(Lions Club International – District 306 D 2) and other stake-holders to find a workable, low / cost solution for mandatory vehicle testing in Sri Lanka.

Therefore, this project aims to educate the public on the necessity of checking essential safety features in all vehicles and the benefits of same to all road users.

AAC has therefore respectfully requested Anura Kumara Dissanayake, President of the Democratic Socialist Republic of Sri Lanka, to consider implementing the proposal we have submitted to him, to minimize fatal accidents, injuries to people and damage to vehicles and property due to road accidents and to also implement a rule to have compulsorily road-worthiness checking of all vehicles. (AAC)

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INSEE Lanka appoints new Chief Executive Officer

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Eng. Thusith C. Gunawarnasuriya

Siam City Cement (Lanka) Limited (INSEE Lanka) has announced the appointment of Eng. Thusith C. Gunawarnasuriya as its new Chief Executive Officer, effective 01 January 2026. He succeeds Nandana Ekanayake, who will continue to serve as Chairman, ensuring leadership continuity and strategic stability for the organisation.

A long-standing contributor to INSEE’s journey, Thusith has worked with the company through its evolution under Holcim (Lanka) Ltd, LafargeHolcim and INSEE, playing pivotal roles that influenced both operational progress and strategic direction.

Rejoining INSEE Lanka in January 2025 as Chief Operating Officer, he has since demonstrated exceptional leadership, driving topline growth, improving EBITDA performance, and strengthening talent development initiatives that enhanced organisational capability and business outcomes.

His expertise in business strategy, operations excellence, and supply chain transformation is well-recognised, supported by over 25 years of multi-industry and multi-country leadership experience. His career includes senior positions at Lion Brewery (Ceylon) PLC, Hemas Manufacturing, Fonterra Brands Lanka, GlaxoSmithKline, MAS Active, and DMS Software Engineering. His international exposure spans India, Bangladesh, and Thailand.

Thusith is a proud alumnus of Dharmaraja College, Kandy, and holds a BSc (Hons) in Electrical & Electronic Engineering from the University of Peradeniya, an MBA from the University of Colombo, and an MSc in Business & Organizational Psychology from Coventry University, UK. He has completed executive leadership programs at IMD (Switzerland) and the National University of Singapore. He is also a member of IEEE (US), CILT (UK), ISMM (Sri Lanka), and IESL (Sri Lanka).

Chairman’s Quote – Nandana Ekanayake:

“Thusith’s deep understanding of our business, strong operational mindset, and proven leadership make him the ideal successor to lead INSEE Lanka into the next phase of growth. His experience within INSEE and across multiple industries, positions him well to deliver on our long-term ambitions and uphold the values that define the organisation.”

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