People’s Bank proud of its savings reserves

People’s Bank has 23% of the country’s savings reserves, which is the highest amount of savings in the country said Chairman of People’s Bank, W. Karunajeewa.

Celebrating the 48th anniversary the bank currently consists of 654 branches and service centres, which are located islandwide. Out of which 14 branches are located in the Northern Province and were continuously in operation even during the times of conflict. We are geared to expand our services in the war affected areas under the Uthuru Wasanthaya program

W. Karunajeewa.

People’s Bank covers all the relief villages providing the occupants with complete banking services including access to PET automated teller machines. People in the relief villages have deposited over Rs.400 million in cash with People’s Bank, in addition to jewellery and other valuables. Apart from the financial services rendered, People’s Bank employees including pensioners, its subsidiaries, trade unions and religious societies, have donated a substantial quantity of food and clothing while donating over Rs. 265 lakhs to fulfill the housing needs of displaced people. In addition, the bank contributed towards the reconstruction of `Uthru Mithuru’ Yal Devi rail track.

Focusing on rebuilding the lives of the people in the N&E areas People’s Bank has introduced loan schemes with low interest rates for individuals who are engaged in agriculture, animal husbandry and fisheries.

People’s Bank is prepared to open a number of service centres covering Jaffna, Wanni, Batticaloa and Trincomalee regions in the near future. Those service centres will be located in the following areas of the said regions. Jaffna Vavalar Road, Pandatherippu, Kalviyankadu, Puloly, Kopay, Puttur, Uduppidy in the Jaffna region, Kurumankadu, Chettikulam, Pesalai, Nanattan in the Wanni region, Kokkkadicholai, Vakarai, Puththur in Batticaloa region and Kachchaikuduthiv, Thoppur in the Trincomalee region.

Chairman People’s Bank said: “For economic development and self sufficiency of a country, individual savings should be increased as a percentage of the GNP. In Sri Lanka this is recorded as approximately 17% as compared to the developed Asian countries which have achieved a rate of over 40 percent.

More than half of the entire population, in other words 11 million people are transacting with People’s Bank. We proudly represent 23% of the country’s total saving reserves. The People’s Bank has managed to accumulate the highest amount of savings in the country. As we progress towards the future, our aim is to contribute to the national development process more effectively.” People’s Bank has introduced many savings schemes which cater to the needs of various age groups in the society.

Since the entire branch network of People’s Bank is linked, customers can perform their transactions at any branch islandwide.

Further the PET network with 250 automated teller machines automatically facilitates transactions night and day. Elaborating on the role of People’s Bank in reawakening North and East, the Chief Executive Officer/General Manager of People’s Bank P.V. Pathirana said: “Mainly we are focused on generating employment opportunities for the people in war affected areas whilst providing infrastructure which plays a critical role in overall long-term development.

Even though disturbed by a 30-year-long war, the Northern and Eastern provinces are rich in fertile land and other resources. We at People’s Bank are rolling out an action plan to support the people in these areas, who are mainly involved in agriculture, fisheries, animal husbandry and other small and medium enterprises, and thereby to eradicate unemployment.”

The efforts taken to develop the private and public sector has resulted in People’s Bank being crowned as the people’s best loved bank for three consecutive years, as well as being awarded the highest rating in the banking and finance sector at the Brand Finance ratings.