News
People’s Bank remains firmly committed to the nation’s progress
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.
News
Gnanasara Thero absconding after SC ruling
Ven. Galagoda Aththe Gnanasara Thero was not at his temple in Rajagiriya when prison officials visited the premises yesterday to take steps following the Supreme Court ruling that nullified the presidential pardon granted to him, police sources said.
Prison officials who visited the temple on Nawala Road, Rajagiriya, were reportedly informed by those present that the Thero’s whereabouts were unknown. The development comes a day after the Supreme Court declared former President Maithripala Sirisena’s 2019 pardon of Gnanasara Thero null and void.
The three-member Supreme Court bench comprising Justices Janak De Silva, Dr. Sobhitha Rajakaruna and Sampath B. Abayakoon held that the pardon was arbitrary, violated the public trust and principles of natural justice, and was made beyond the proper exercise of the President’s constitutional discretion.
The case arose from Gnanasara Thero’s conduct at the Homagama Magistrate’s Court in January 2016 during proceedings relating to the disappearance of journalist and political cartoonist Prageeth Eknaligoda.
The Court of Appeal convicted him on four counts of contempt of court in 2018 and imposed concurrent prison terms amounting to six years. He had served about nine months when Sirisena granted him a presidential pardon on May 23, 2019.
The Supreme Court found that although Article 34 empowers the President to grant pardons, that power is held in trust for the people and is subject to constitutional limitations and judicial review. The Court concluded that Sirisena had effectively acted on the recommendation of the Additional Secretary (Legal) without demonstrating that he had independently considered the relevant material.
Justice De Silva held that the pardon was “arbitrary”, violated public trust and the rules of natural justice, and was ultra vires the President’s powers. The Court consequently found that the decision violated the fundamental right to equality guaranteed by Article 12(1) of the Constitution.
The ruling effectively restores the legal position under the original conviction, leaving Gnanasara Thero without the benefit of the 2019 pardon. The Supreme Court also clarified that a pardon does not erase a conviction or sentence, but merely relieves an offender from serving the sentence to the extent specified in the pardon.
Gnanasara Thero, the General Secretary of the Bodu Bala Sena, had been convicted over his conduct during proceedings concerning the disappearance of Eknaligoda, who went missing in January 2010 and has not been located.
Sandhya Eknaligoda, Prageeth Eknaligoda’s wife, was among those who challenged the presidential pardon before the Supreme Court, alongside the Centre for Policy Alternatives and its Executive Director Dr. Paikiasothy Saravanamuttu.
The detailed account of the judgment indicates that the Court’s ruling primarily nullified the pardon and restored the legal effect of the original sentence, with the implementation of the sentence falling to the relevant authorities.
Police sources said that the Supreme Court, however, did not permanently close the door on executive clemency. It held that a future President could grant Gnanasara Thero another pardon, provided the power is exercised lawfully and after proper consideration of all relevant material.
The Supreme Court has so far overturned three presidential pardons granted to two former Presidents. In January 2024, the Court declared former President Gotabaya Rajapaksa’s pardon of former MP Duminda Silva unlawful and invalid. In June 2024, it invalidated two pardons granted by former President Maithripala Sirisena to Royal Park murder convict Jude Shramantha Anthony Jayamaha — the first in May 2016, which commuted his death sentence to life imprisonment, and the second in October 2019, which released him from prison. Jayamaha, who was convicted of the murder of 19-year-old Yvonne Johnson, remains at large. Most recently, on September 10, 2026, the Supreme Court declared Sirisena’s 2019 pardon of Ven. Galagoda Aththe Gnanasara Thero null and void, ruling that it was arbitrary and inconsistent with the Constitution.
News
House to debate 22A, Judicature Bill next week
Parliament is scheduled to debate the Twenty-Second Amendment to the Constitution Bill and the Judicature (Amendment) Bill on September 24 and 25, subject to the Speaker’s announcement following the delivery of the Supreme Court determination on petitions filed against the Bills.
The programme for the Parliamentary Week from September 22 to 25 was decided at a meeting of the Committee on Parliamentary Business held on Thursday (10) under the chairmanship of Speaker Dr. Jagath Wickramaratne.
On each sitting day, Parliamentary Business under Standing Orders 22(1) to 22(6) will be taken up from 9.30 am to 10 am, followed by Questions for Oral Answers from 10 am to 11 am Questions under Standing Order 27(2) will be taken up from 11 am to 11.30 am.
On Tuesday (22), the Orders published in Extraordinary Gazette No. 2497/37 under the Petroleum Resources Act and the Promotion of Export Agriculture (Amendment) Bill will be debated from 11.30 am to 5 pm.
The Tredso Development Foundation (Incorporation) Bill, a Private Member’s Bill, will then be taken up for Second Reading before being referred to the Legislative Standing Committee.
An Opposition motion at the Adjournment Time will follow.
On Wednesday (23), the Chartered Institute of Media Professionals of Sri Lanka Bill will be debated from 11.30 am to 5 pm, followed by Questions at the Adjournment Time.
The Second Reading debate on the 22nd Amendment Bill and the Judicature (Amendment) Bill is scheduled for 11.30 am to 7 pm on Thursday (24) and Friday (25).
News
Wrong house targeted in underworld grenade attack: Two children killed
Two children aged 11 and 17 were mistakenly killed and their 55-year-old father injured in an early morning hand grenade attack on Sirisangabo Mawatha on Friday. Police investigations later revealed that the attackers targeted the wrong house during an ongoing underworld clash.
Three police teams have been deployed to investigate the attack, which occurred at around 3 am.
According to police, a man who arrived near the house in a three-wheeler knocked on the front door before throwing a grenade into the premises and fleeing.
The victims were identified as 17-year-old Kasun Rashmika and 11-year-old Duminda Gihan. Their 56-year-old father, Nalin Thusantha Perera, was seriously injured and admitted to the Kalubowila Teaching Hospital.
Police said the injured man’s brother was allegedly a close associate of a drug trafficker known as ‘Sando’ and had also been accused of involvement in drug trafficking.
The brother lives in a house adjoining the one targeted in the attack, and police suspect the grenade may have been thrown at the wrong house.
Police are also investigating information that the attack was allegedly carried out at the direction of several overseas-based drug traffickers, identified as Pandithage Shantha Kumara alias ‘Kos Malli’, Samantha Perera alias ‘Chuwa Samantha’, ‘Kudu Avishka’ and ‘I.D.’
Police said the attack was believed to be linked to an ongoing conflict between two underworld factions, which have targeted each other’s associates in shootings and grenade attacks. More than 20 people have reportedly been killed in such attacks.
Security agencies are also investigating alleged links between one faction and overseas-based criminals including Kanjipani Imran, Unakuruwe Shantha, Dubai Gagana and Handaya.
Security agencies have also received information that overseas-based criminals identified as Kanjipani Imran, Unakuruwe Shantha, Dubai Gagana and Handaya are allegedly behind the supply of firearms and drugs to the faction associated with Kos Malli and Chuwa Samantha.
-
Sports2 days agoDDS set to lose Test captaincy
-
Features6 days agoAfter the parade: What a traffic OIC’s walk-out tells us
-
Editorial6 days agoArrests as theatre
-
News5 days agoThailand shuts door on undesirables from Sri Lanka
-
Latest News6 days agoHarshitha’s composed knock seals Sri Lanka’s semi-final berth
-
Business5 days agoCEB successor company breaks into top three in competitive BESS tender
-
News6 days ago‘Choka Malli’ slips out of country before travel ban
-
News2 days agoSri Lanka faces new grid challenge as rooftop solar surges: former CEB GM
