The People’s Bank is known for its commitment towards the betterment of the country. As one of the largest financial services providers in Sri Lanka, the Bank has been continuously featured in the 1000 Best Banks in the world by the world renowned ‘The Banker Magazine’ in the years of 2018, 2019, 2020 and 2021.

CEO/GM of the People’s Bank Ranjith Kodituwakku recently spoke to the media about the bank’s journey so far, and its present and future vision.

Could you share some insight about the present progress and stability of the People’s Bank?

People’s Bank was mainly initiated for the purpose of making banking facilities accessible to the general public. At present we have the country’s largest customer base of over 14 million and largest branch network of 742.

Our total assets have grown to Rs.2.6 trillion, and our deposits exceed Rs. 2.0 trillion. Our loans and receivables have exceeded Rs. 1.9 trillion. We are happy to announce that we also received the highest pre-tax profit of Rs. 30.4 billion and Rs. 23.7 billion pre-tax profit during the year 2021.

* People’s Bank has introduced a number of new innovations to the local financial sector, how are they faring?

People’s Bank became the first commercial bank to work in Sinhala and Tamil. It pioneered the act of printing cheque books in Sinhala and Tamil which were only printed in English earlier.

People’s Bank also introduced the Gold Mortgage Loan Service in 1962. Through this, we were able to free people who were caught in the clutches of money lenders.

On World Women’s Day in 1993, a branded ladies account “Vanitha Vasana” was launched, and to build future security for our student population, the “SisuUdana” account was launched coinciding World Children’s Day in 1996.As of today, most students deposit their savings at People’s Bank.

People’s Bank also was the first bank in the country to implement a complete digital transformation for the entire operating model, covering all aspects from the lowest to the highest levels of the Bank.

The bank’s Self Banking Units (SBUs) are a pioneering introduction to our digitalization programme of which there are over 265 islandwide. With ATMs, CDMs and bill payment machines (KIOSK) installed herein, you can experience convenient and efficient banking which operates 24 hours a day, seven days a week, 365 days a year, all year round.

All of our branches now have instant access to People’s Wiz which enables quick account opening. Over a million people are registered with the People’s Wave app, which allows you to bank from anywhere. People’s Bank also launched the People’s Pay Mobile App in support of the Central Bank’s efforts to promote digital transactions without the use of cash. In addition, the People’s Website offers online banking and People’s Wiz Credit provides personal loans within 24 hours. We have won numerous local and international awards for digital banking.

* People’s Bank was established to boost local agriculture, rural economy, upgrade small and medium-scale entrepreneurs by assisting every level of ordinary people with the bank. What are the contributions given by People’s Bank to those sectors?

Since the inception, People’s Bank’s main focus was on developing the rural banking system and uplifting the people. Even today, this focus remains unchanged within the bank. If you take the last year, People’s Bank granted loan facilities to SME businesses to the tune of Rs. 63.0 billion.

Also the bank introduced an agriculture-based Harvest Loan Scheme to create a self-sufficient country and granted loans of Rs.2.3 billion over a period of 15 months ending 31 December 2021 alone. The ‘Made in Sri Lanka’ loan scheme was introduced to promote local industries and ‘Saarabhoomi’ to encourage local production of fertilisers, pesticides, herbicides. ‘Vanitha Saviya’ loan scheme was launched to empower women entrepreneurs and ‘Business Power’ to uplift small and medium enterprises.

People’s Bank also launched the People’s Spark Entrepreneurship Development Programme with the aim of empowering Sri Lankan youth who are passionate about running their own business.

* What are the facilities given to customers when remitting money to Sri Lanka?

Sri Lankans working in foreign countries or any other person can send money to their loved ones and this money can be withdrawn conveniently from our 742 island wide network.

In order to recognise and encourage expatriate workers remitting money from abroad, the Bank launched a promotion called ‘Vaasi Kotiyai bonanza early this year. Under this promotion the Grand Draw winner who will be selected at the year-end will be presented with a Grand Prize of Rs.10 million. Additionally, Rs.1 Million Monthly winners will be selected every month, 22K gold sovereign weekly winners will be selected 48 times, while 10,000 daily cash prize winners will be selected 334 times until 31st December 2022.

In addition to that, we also provide loan facilities for those who seek foreign employment and to those who are already working abroad. We have also planned to introduce a special benefits package for Sri Lankan working abroad which includes insurance benefits and loans at concessionary interest rates.

* What’s your opinion about the stability of the banking system and what benefits are gained by transacting with a government bank and benefits receive by the society?

In addition to having a strong capital base, our banking system is closely monitored by the Central Bank and all local banks are run in compliance with the highest standards in the world.

State Banks specifically have the largest capital bases in the country and due to the government ownership, they enjoy extraordinary stability which in turn provides maximum security for customer deposits.

In addition, due to the large branch network and superior digital banking capabilities, customers can transact conveniently with People’s Bank.

Last but not least, the profits made by state banks are channeled back towards the development of the country which ultimately benefits customers.

* Finally, what is the contribution given by the People’s Bank through import and export trades?

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.

As I mentioned earlier, People’s Bank is driven by objectives that extend beyond mere profits. We work for the betterment of people and the country. As a Bank that is firmly committed to the wellbeing of the nation, we will continue to fulfill our responsibilities in this manner in the future.