People's Bank (Sri Lanka) facts for kids

Quick facts for kids
People's Bank

Type	Government-owned corporation
Industry	Finance
Founded	1961
Headquarters	No. 75, Sir Chittampalam A. Gardiner Mawatha, Colombo, Sri Lanka
Number of locations	739 branches (2019)
Area served	Sri Lanka
Key people	Sujeewa Rajapakse (chairman) M. A. B. Silva (CEO)
Products	Banking, financial and related services
Revenue	US$ 1.013 billion (2019)
Operating income	US$ 157 million (2019)
Net income	US$ 70 million (2019)
Total assets	US$ 10.32 billion (2019)
Total equity	US$ 520 million (2019)
Number of employees	7,836

People's Bank is a big bank in Sri Lanka that belongs to the government. It started on July 1, 1961, in Colombo. The bank helps both regular people and businesses with their money. It has many branches and serves over 14 million customers. People's Bank is known for being very strong and reliable.

How People's Bank Started and Grew

People's Bank officially opened its doors on July 1, 1961. The very first branch was in Duke Street, Colombo. In its first year, the bank opened eight more branches across Sri Lanka. By the end of 1961, 169 people worked for the bank.

Early Years and New Services

• 1962: The main office moved to a new building in Colombo. The bank also opened 17 more branches that year.
• 1963: People's Bank started offering "pawning services." This means people could get a loan by leaving something valuable as security.
• 1964: A special scheme for co-operative rural banking began. This helped people in villages with their banking needs.
• 1965: More departments moved to a bigger building in Colombo. The total number of branches grew to 48.
• 1967: The bank started a new plan to help farmers with loans for agriculture. They were pioneers in lending to small farms.
• 1970: The "Athamaru" loan scheme was introduced. This helped people in the informal sector get money for their small businesses. They also launched a savings plan linked to credit.
• 1971: People's Bank opened its 100th branch.
• 1973: A full rural credit scheme was launched. This provided loans for both production and daily needs. The bank also started the "Ganu-Denu" practice. This encouraged customers to do banking at special times during the Sinhala & Tamil New Year.
• 1975: The bank expanded quickly, reaching 158 branches.
• 1977: The 200th branch opened. The main office moved again, and the number of employees reached 5,000. The first bank for fisheries also opened.

Growing Bigger and Using Technology

• 1981: The branch network grew to 290. A special savings plan for children was launched.
• 1982: The 300th branch opened. The bank now had 10,000 employees.
• 1984: People's Merchant Bank was created as a part of People's Bank.
• 1986: The bank started using computers at its main office and some city branches. This helped serve customers faster.
• 1987: The Headquarters Branch became the first fully automated branch. The bank also helped with loans for rural electricity projects.
• 1989: People's Bank joined several loan schemes. These included loans for housing, for people seeking jobs abroad, and for those affected by civil unrest.
• 1990: An Endowment Saving Deposit Scheme was introduced. The bank also launched the People's Visa Card. 24 branches became fully computerized.
• 1991: The very first ATM (Automated Teller Machine) was installed at the Headquarters Branch.
• 1992: The bank supported a government program for garment factories. They also started using their own banking software called "People's Automated Banking System" (PABS).
• 1993: There were 330 branches across the country, and 35 main branches were fully automated. "Vanitha Vasana," a savings plan for women, was introduced.
• 1994: Eight new ATMs were installed. 160 branches were computerized.
• 1995: "Gurusetha," a new savings and loan plan for government teachers, was launched.
• 1996: "Suwa Sevana," a credit package for government health workers, was launched. "Sisu Udaba," a new savings plan for schoolchildren, was introduced. The bank's own companies, People's Leasing Co. Ltd. and People's Travels (Pvt) Ltd., started operating.
• 1997: The "Surathura" Loan Scheme was launched to help self-employment projects. The bank also offered credit to small and medium businesses.
• 1998: The total number of ATMs increased to 36. 175 branches were fully automated. A special scheme called "Videshika" was introduced to help migrant workers.
• 1999: The bank launched "Isuru Udaba," a savings plan for parents and guardians to save for children.
• 2000: The "Jana Jaya" savings and loan scheme was launched. The "Jaya Sri" draw offered prizes for depositors. The ATM network grew to 74 machines. A central system was introduced to connect branches and ATMs.

Modern Banking and Digital Growth

• 2001: The bank strengthened its management team. A plan to restructure the bank was started. The number of ATMs grew to 90.
• 2002: The number of automated branches increased to 218. 119 branches were connected to the central ATM system.
• 2003: The Young Executive Saver's (YES) Account was launched. The bank started installing a new, advanced core banking system.
• 2004: A new restructuring plan was approved by the government. The bank received its first public rating of BBB+. The new core banking project was successfully put in place.
• 2005: The bank received money from the government to help with its growth. The core banking project was expanded to more branches. The bank also helped distribute financial aid after the 2004 tsunami.
• 2006: The bank's rating improved to A-. People's Bank won an award for its banking and financial services.
• 2007: The bank maintained its A- rating. The government invested more money into People's Bank. The bank won the "People's Award" for the best banking brand for the second year in a row. Total deposits passed LKR 300 billion.
• 2008: The government invested more money. The bank's first Debenture issue raised LKR 2.5 billion. A new online service called "People's e-remittance" was launched, allowing money to be sent from overseas quickly. New foreign currency deposit products were also introduced.
• 2009: The bank issued its second Debenture. 214 branches and 236 service centers were connected online. Over 300 ATMs were placed across the island. Total deposits reached LKR 400 billion. The bank achieved its highest profit before tax of LKR 6.1 billion.
• 2010: The branch network and service centers expanded to 679. ATMs increased to 330. The People's International Visa Debit Card was launched. The bank's ratings improved. Total deposits surpassed LKR 462 billion. The highest profit before tax of LKR 8.7 billion was achieved. The bank won several awards for its annual report.
• 2011: The bank celebrated its 50th birthday on July 1. The total branch network reached 714, and ATM locations increased to 382. The bank's rating was upgraded to AA. Total assets, deposits, and loans grew significantly. The bank achieved its highest profit before tax of LKR 15.3 billion. People's Bank won several "People's Awards" for being the most popular bank and service brand.
• 2012: The total branch network reached 728, and ATM locations increased to 420. The bank's rating was upgraded again to AA+. The bank's annual report won several international awards.
• 2013: 23 centers for small and medium businesses were set up. The bank passed one million cards issued. Corporate customers could now make online payments for certain duties. People's Bank became the first bank connected to the National Common ATM Switch. ATM locations increased to 460, and the branch network expanded to 735.
• 2014: The bank's total assets crossed one trillion rupees, making it the second-largest bank in Sri Lanka. People's Bank won "Bank of the Year 2014" and "Most Sustainable Bank Sri Lanka" awards.
• 2015: The bank started a big project to become more digital. They upgraded their ATM network and core banking system. They also launched a "Green Banking Concept" to show their commitment to sustainability.
• 2016: The bank reached one trillion rupees in both deposits and loans. It was awarded "Best Banking Group in Sri Lanka" and "Most Sustainable Bank in Sri Lanka" for the third year in a row. The bank launched self-banking centers with cash deposit machines (CDM), ATMs, and kiosks. A new logo was launched to show the bank's modern evolution.
• 2017: The bank's total contribution to national development through taxes and dividends passed LKR 150 billion over ten years. The bank opened Sri Lanka's first fully digitalized branch. It received a quality certification for Information Security Management, a first for a state bank. People's Bank was named "Country's Best Bank in 2017" and was recognized as the second most valuable Sri Lankan brand. It also won "People's Service Brand of the Year" and "People's Banking Service Provider of the Year" awards.
• 2018: The bank provided a large loan facility for a major company acquisition. Six new digital channels were launched for customers, including the "People's Wave" mobile banking app and "People's Web" internet banking. People's Wave became the most downloaded finance app in Sri Lanka. For the 12th year, the bank won "People's Banking Service Provider of the Year." It also won awards for "Excellence in Customer Convenience" and "Excellence in Local Market Reach." Globally, People's Bank was again ranked among the Top 1000 Banks in the World and was named "The Best Bank in Sri Lanka."
• 2019: A new law was passed, making it easier for the bank to raise money. The bank successfully raised LKR 10 billion. The number of self-banking units (SBUs) grew rapidly to 239. The bank received many international awards for its digital platforms, including "Best Digital Bank 2019" and "Best Mobile Banking Application." It was also recognized as the "Best Retail Bank in Sri Lanka" and the "Most Improved Retail Bank" in Asian Pacific, Middle East and Africa.

Related pages

• List of banks in the world
• List of bank in the Sri Lanka
• List of bank in the Asia