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People’s Bank remains firmly committed to the nation’s progress

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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.



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Cardinal appeals to Pope to solicit aid for Sri Lanka

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“Fix responsibility on those accountable”

by Norman Palihawadane

Colombo Archbishop Malcolm Cardinal Ranjith says that the need of the hour is the initiation of a high profile investigation to find out how this country was dragged down to its present plight of being a beggar nation, fix responsibility for these crimes and find ways to recover the money stolen from the people.

“People have a right to know how the foreign reserves that had been at around seven to eight billion US dollars had dropped to zero within two years,” the Cardinal said at the Feast of the Sacred Heart Mass at the Ragama Hospital Chapel last week.

He asked how the gold stocks in the Central Bank had disappeared and why were they wasted wasted irresponsibly.

“The disappearance of the gold will have to be investigated someday. People need to know who wasted this money,” Cardinal Ranjith said.

He said the country’s reserves were down to zero.

“Doctors working in hospitals find it difficult to come to hospitals on time due to the fuel crisis. We are with the people in their grief,” he said.

The Cardinal appealed to the international community to assist in providing Sri Lanka with medicines and equipment for hospitals amid its economic crisis.

“We urge Pope Francis to request the international community to assist Sri Lanka,” he said.

“We need to support the children’s hospital in Borella and the cancer hospital in Maharagama, especially for medicines and equipment.”

“People suffer without fuel and essential goods because of mismanagement. Children can’t go to schools due to the fuel crisis”.

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Election win should trigger Scottish independence, says Sturgeon

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Scotland could become independent if the SNP won a majority of votes in a UK election, Nicola Sturgeon has said, according to a BBC dispatch.

It said: The first minister wants a referendum in 2023, and is pushing for the Supreme Court to rule on a bill to set this up.

If this does not happen, she has said the SNP would treat the next general election as a “de facto referendum”.

Prime Minister Boris Johnson said it was the government’s “longstanding position” that it was not the right time for another independence vote.

He said: “We will look carefully at what [Nicola Sturgeon] says. Don’t forget that the longstanding position is that we don’t think this is the right time to be doing a constitutional change.”

“I think our economy is all the stronger for being together,” he added.

Johnson continued: “This is a time really now to focus on things which the union can deliver for the economic benefit of everybody.”

In an interview with BBC Scotland, the first minister said: “Scotland can’t become independent without a majority of people voting for it”.

She said: “I hope we can resolve these things in a referendum, that is the proper way of doing it. But if all routes to that are blocked then the general election will become the vehicle for people to express their view.”

Ms Sturgeon said she wanted to be clear about the principle and the practical reality “that Scotland cannot become independent unless and until a majority of people in Scotland vote for independence”.

She added: “The issue of practical reality is that when a majority vote for independence, I hope in a referendum, that will have to be followed by a negotiation with a UK government to implement that decision.”

If there were to be a vote in favour of Scottish independence – whether that be via the referendum Ms Sturgeon wants, or a de facto referendum based on a general election result – it would be followed by negotiations between the Scottish and UK governments.

Then, legislation would have to be passed at Westminster and perhaps Holyrood before Scotland became independent.

Ms Sturgeon said on Tuesday that the UK Supreme Court had been asked to rule on whether the Scottish government has the power to hold an independence referendum without agreement from Westminster.

Ahead of the 2014 referendum, the UK government agreed to a temporary transfer of powers to Holyrood to allow the referendum to go ahead.

he idea of a “de facto referendum” is a radical one, given Nicola Sturgeon’s reputation for caution and the fact her team had previously dismissed it as a strategy.

It raises many questions about how such a scheme would work, which ministers now find themselves talking about rather than their main plan – to hold an actual referendum.

After all, the first minister’s hope is that the last resort will never be needed. Her wish is still to do a deal with the UK government which would see both sides sign up to an agreed process in the style of 2014.

Bold talk of using a general election instead is chiefly a tool to force the pro-UK side to take their fingers out of their ears and engage with the issue, rather than a finalised strategy to deliver independence.

Earlier on Wednesday, Ms Sturgeon’s deputy John Swinney suggested that he considered a win to be the SNP winning the majority of seats contested in Scotland.

He was asked on BBC Radio’s Good Morning Scotland: “If you have a majority of Scottish MPs at the next UK general election, that would be a mandate to start negotiations for an independent Scotland?”

He replied: “That’s correct, yes.”

But he went on to Tweet that he had “misheard” the question, and added that his view would be that the SNP would need to win a majority of votes in a general election, not a majority of seats.

He said when he was asked about a “majority of seats”, he had only picked up on “majority”.

Mr Swinney added: “Referenda, including de facto referenda at a UK general election, are won with a majority of votes. Nothing else.”

Douglas Ross, the leader of the Scottish Conservatives, said on Tuesday that another referendum was the “wrong priority for Scotland” and would hinder Scotland’s recovery from the pandemic.

Scottish Labour’s constitution spokeswoman Sarah Boyack said the SNP were “hell-bent on gaming the electorate to suit their ends”.

She said it was “deeply embarrassing for Nicola Sturgeon to be so publicly contradicted… by her own deputy”.

The party has also asked for the Lord Advocate to make a statement to MSPs on Thursday to ascertain her views on whether the Scottish government had the power to hold a referendum without the UK government’s approval.

It was the Lord Advocate – as the Scottish government’s chief legal adviser – who was responsible for referring the matter to the Supreme Court.

A statement from Scottish Labour said it wanted the Lord Advocate to appear in the chamber to “shed some light on her views, decisions and role”.

Alex Cole-Hamilton, of the Scottish Liberal Democrats, said less than a day after Ms Sturgeon’s plan was unveiled that “the wheels are falling off the clown car”.

He went on: “They seem to have conceded that they are heading for a defeat in court and so they are brainstorming barmy schemes for what comes next.”

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Human Rights Council President appoints Radhika Coomaraswamy to serve on Ethiopia rights body

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GENEVA (28 June 2022) – The President of the Human Rights Council, Ambassador Federico Villegas (Argentina), announced today the appointment of Radhika Coomaraswamy of Sri Lanka to serve as a member of the International Commission of Human Rights Experts on Ethiopia. Ms. Coomaraswamy will join Kaari Betty Murungi of Kenya (chair) and Steven Ratner of the United States of America, who were appointed to serve on the human rights investigative body on 2 March 2022.

The Geneva-based Human Rights Council created the Commission of Human Rights Experts on 17 December 2021 with a mandate to investigate allegations of violations and abuses of international human rights, humanitarian and refugee law in Ethiopia committed since 3 November 2020 by all parties to the conflict.

Today’s appointment comes after the resignation of Fatou Bensouda as a member of the three-person Commission on 8 June 2022, following her nomination to serve as The Gambia’s High Commissioner to the United Kingdom.

Ms. Coomaraswamy brings to this position years of experience as a human rights lawyer, expert and advocate having served in various positions in her country and in the international arena. She has held several prior roles, including as a member of the Human Rights Council-created Independent International Fact-Finding Mission on Myanmar from 2017 to 2019 and as Special Representative of the United Nations Secretary-General for Children and Armed Conflict from 2006 to 2012.

The Commission of Human Rights Experts on Ethiopia will deliver an oral report to the Human Rights Council on 30 June, which will be its first presentation to the Council. The Commission is scheduled to present a comprehensive written report to the human rights body in September and subsequently to the UN General Assembly session later this year.

Radhika Coomaraswamy, a lawyer by training and formerly the Chairperson of the Sri Lanka Human Rights Commission, is an internationally known human rights advocate who has worked as the UN Special Rapporteur on Violence against Women (1994-2003) and as a Member of the Human Rights Council-mandated Fact-finding Mission on Myanmar from 2017 to 2019.  Additionally, she served as Under-Secretary-General and Special Representative of the UN Secretary-General for Children and Armed Conflict (2006-2012), for which she was charged with preparing the annual report of the Secretary-General on Children and Armed Conflict.  In 2014, Ms. Coomaraswamy was appointed by UN Secretary-General Ban Ki-Moon as lead author on a Global Study on the implementation of UN Security Council resolution 1325 on women, peace and security.  She received her B.A. from Yale University, her J.D. from Columbia University, an LLM from Harvard University and honorary PhDs from Amherst College, the Katholieke Universities Leuven, the University of Edinburgh, the University of Essex and the CUNY School of Law.

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